Regulatory Alerts2014-01-01
Circular No. 50 Development of the Credit Information System
The Palestine Monetary Authority issued Circular No. 50/2014 mandating all Palestinian banks to implement specific updates to their credit information systems under Version III. The directive requires the addition of monthly income and currency fields for borrowers, alongside enhanced personal and enterprise data points for small and medium-sized enterprises, including geographic classification, owner identification, and total assets. Banks must adopt these changes for new facilities immediately and submit designated Excel files containing legacy data for existing facilities to facilitate system migration, with field inspections scheduled to verify compliance.
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