Regulatory Alerts2021-01-01
Circular No. 102 Review of Business Continuity Plans
The Palestine Monetary Authority issued Circular No. 152/2021 requiring all Palestinian banks to submit a detailed report on their current-year business continuity plan testing for Disaster Recovery and Business Administration sites by September 30, 2021. Banks must additionally provide updated business continuity plans and formally commit to conducting annual reviews of all such plans following regulatory approval of their testing procedures. This directive enforces Basel Committee standards to safeguard the safety, stability, and operational continuity of the national banking sector.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (152/2021)
To all banks operating in Palestine
Date: Wednesday, April 28, 2021
Subject: Review of Business Continuity Plans
In order to safeguard the safety and stability of the banking sector and the continuity of its operations, and based on the best adopted standards, manuals, and our instructions regarding business continuity management in banks No. (2009/2) in this regard, and in line with the requirements of the Basel Committee, all banks are requested to provide us with the following:
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A detailed report on the results of the business continuity plan testing for the Disaster Recovery Site (DRS) and the Business Administration Site (BAS) for the current year, by no later than 2021/09/30, including the objectives and scope of the test, responsibilities and roles, critical operations performed, conclusions, and evaluation.
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Updated business continuity plans.
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A commitment to conduct a review of all business continuity plans at least once a year in the future, following the receipt of our approval to conduct the tests.
Supervision Group
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Fax: | Tel: +970 2 2415251 | Telephone
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Fax: | Tel: +970 8 2825713 | Telephone