Regulatory Alerts2010-01-01
Instructions No. 5 of 2010 on Automated Banking and Outsourcing
The Palestine Monetary Authority issued Instructions No. 5 of 2010 to mandate strict compliance standards for automated banking systems, secure fund transfers, and regulated outsourcing practices across all Palestinian banks. The directive requires banks to host core systems locally, connect branches via a unified Interbranch network, and implement rigorous risk assessments, board approvals, and prior regulatory consent before outsourcing any internal operations. Additionally, it establishes Palestinian courts as the exclusive jurisdiction for customer disputes, mandates adherence to local attachment orders, and strictly prohibits sharing customer data with foreign courts without domestic legal authorization.
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