Regulatory Alerts2022-01-01
Circular No. 278 (2022) on Working in Emergency Situations
The Palestine Monetary Authority issued Circular No. 278 (2022) requiring all specialized lending institutions operating in Palestine to implement emergency preparedness and continuity measures during partial or total closures. The directive mandates the development of crisis management plans, immediate employee notification protocols for adjusted working hours, and proactive customer communication regarding operational changes. Additionally, institutions must close branches in designated closure zones, enforce compliance monitoring, and await further directives from the Authority's Consumer Protection and Market Discipline departments as needed.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (278 /2022) To all specialized lending institutions operating in Palestine Date: Wednesday, 02 November, 2022
Subject: Working in Emergency Situations
In its commitment to ensuring that lending institutions take the necessary measures to guarantee the safety of premises and employees during partial or total closures, and to avoid operational disruptions and ensure continuity, the Authority requests lending institutions to comply with the following:
- Prepare a crisis management plan to ensure the continuous performance of functions and operations in accordance with established standards.
- Establish necessary arrangements to organize employee working hours, and notify them of working hour instructions immediately in emergency situations and closures.
- Establish necessary arrangements to inform the customer base of any modifications or changes to the operations and working hours of lending institutions through available channels and means.
- Comply with closing branch premises in closure zones, and organize branch operations according to management's assessments.
- Emphasize the role of the institution's compliance monitoring department or the designated person to monitor adherence to working hour instructions in closure zones.
- The Authority will issue its instructions to lending institutions through available communication channels via the Consumer Protection Department within the Market Discipline Department, and through direct communication with lending institution management whenever necessary.
Supervisory Group Palestine Monetary Authority