LogoRegulatory Alerts
2020-01-01

Circular No. 25 Security and Safety Requirements

The Palestine Monetary Authority issued Circular No. 25/2020 mandating all Palestinian banks to immediately strengthen security, protection, and safety protocols for branches, offices, and ATMs following a rise in robbery and theft incidents. Banks are required to continuously verify compliance with existing security instructions, monitor teller cash limits against insurance coverage, enhance main safe and cash transport security, and maintain tested emergency links with police and civil defense. Additionally, the directive mandates deploying security guards at high-risk locations, prioritizing staff and public safety, and strictly adhering to recent operational risk and ATM security amendment guidelines.

Palestine Monetary Authority logo

Palestine

Palestine Monetary Authority

Click to view thumbnail

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (25/2020)

To all banks operating in Palestine Date: Monday, January 27, 2020

Subject: Security and Safety Requirements

In the context of the Palestine Monetary Authority's efforts to enhance protection, security, and safety measures in Palestine's banking sector, and given recent developments regarding the repeated incidence of robbery and theft at ATMs, branches, and offices, the Authority emphasizes the necessity of drawing lessons from previous incidents and requires banks to implement measures to strengthen security, protection, and safety for branches, offices, and ATMs, including the following:

  1. Continuously verify compliance with the requirements of Instructions No. (2009/05) regarding "Security and Safety Procedures" for branches, offices, and ATMs, and ensure 24/7 monitoring.

  2. Monitor the cash volume in teller drawers and ensure it is covered in accordance with the bank's insurance policy.

  3. Strengthen security procedures for main safes, teller drawers, and cash transportation in compliance with the requirements of our Instructions No. (2016/09).

  4. Periodically verify the effectiveness of connections with the police and civil defense, and conduct necessary tests in coordination with the police.

  5. Provide necessary security guards at high-risk branches and offices.

  6. Give utmost importance to the safety of employees and the public.

  7. Comply with the requirements of Circular No. (2017/46) regarding operational risk events.

  8. Comply with the requirements of Instructions No. (2020/02) dated January 15, 2020, regarding the amendment of Instructions No. (2018/06) on security and safety requirements for ATMs.

Supervision and Inspection Department Palestine Monetary Authority

Ramallah and Al-Bireh Office - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Tel Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Tel www.pma.ps

Share