Regulatory Alerts2023-01-01
Instructions No. (15) of 2023 concerning Security, Safety, and Protection
The Palestine Monetary Authority issued Instructions No. (15) of 2023 mandating all licensed banks to fortify high-risk branches and offices with electronically controlled access barriers, bulletproof glass, and multifactor authentication systems to prevent robberies and unauthorized entry. Banks must submit a compliance report detailing their implementation measures to the Authority within one month of the instructions' issuance on September 4, 2023. These security and safety protocols apply immediately across all banking operations under the regulator's jurisdiction to safeguard institutional assets and personnel.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Instructions No. (15) of 2023 concerning Security, Safety, and Protection
Based on the provisions of Decree-Law No. (9) of 2010 concerning Banks, particularly Articles (43) and (72) thereof, and after reviewing Instructions No. (22) of 2021 concerning Security, Safety, and Protection, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Objective and Scope of Application
- These Instructions aim to enhance security and safety, protect the bank's funds and assets, and mitigate risks.
- The provisions of these Instructions apply to all banks licensed by the Palestine Monetary Authority to conduct banking business.
Article (2) Fortification of Branches and Offices
The bank shall comply with the following:
- Fortify the entrances and exits of the bank's high-risk branches and offices according to its classification, particularly those located outside cities, by installing electronically controlled doors or barriers that control individual access and hinder or prevent the commission of robbery and theft crimes, such as (Double Door Airlock (Interlock), Turnstile) and (Mantrap Access Control), subject to meeting the following conditions: a. Controlling customer entry to these branches and offices through multifactor authentication (Multifactor Auth) such as (Biometric: Fingerprint, Face ID, Smart Card, PIN Code, ATM Cards) or through a security officer. b. Controlling the doors or barriers from a security office fortified with bulletproof glass, or through the competent authority in the General or Regional Administration in case of any suspicion regarding the execution of a robbery or illegal entry into the bank's branches and offices.
1 www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
- Install bulletproof glass doors and windows to protect cashiers in high-risk branches and offices according to its classification.
Article (3) Rectification of Conditions
The bank shall provide the Palestine Monetary Authority, within one month from the date of issuance of these Instructions, with the measures it has taken to comply with the provisions of these Instructions.
Article (4) Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions, each within its respective jurisdiction, and they shall apply from the date of their issuance.
Issued in the city of Ramallah, on: 04/09/2023
Dr. Firas Malham Governor [Signature]
2 www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps