Palestine Monetary Authority Launches Bank Accounts System

Within the framework of the Palestine Monetary Authority's aspirations to develop the mechanisms of work and the associated control tools to comply with international best practices, and in continuation of Palestine Monetary Authority's approach to developing its systems to contribute to facilitating its work to serve the banking system, Palestine Monetary Authority worked during the previous period in partnership with banks to establish a special bank account disclosure system (KYC Data Base).
His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, confirmed that the launch of the banking accounts system was a continuation of the achievements of Palestine Monetary Authority achieved during the previous years in bridging the gap in the financial and demographic data of clients dealing with banks and MFIS's with the aim of enhancing the levels of financial inclusion and the establishment of the banking accounts system that aims to enhance the environment of transparency and disclosure to reduce operational risks and facilitate and simplify account opening procedures, including achieving the principles of know your customer (KYC) when opening accounts and constantly updating customers data to help banks take sound banking decision. 
Mr. Shawwa also pointed out that the banking accounts system was a system in which demographic data and bank account statements of clients of the banking system were collected and disclosed, where the nature of the case of these accounts would be disclosed if they were active, closed, frozen, or suspended, at the level of the bank and the type of account according to the account classifications approved to deal with them in the banking system.
Mr. Shawwa confirmed that the system will be launched today 29/09/2019 and can be used by all users in accordance with the system instructions and relevant guidelines.

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