Regulatory Alerts2018-01-01
Circular No. 128 Temporary Suspension of Electronic Banking Services
The Palestine Monetary Authority requires all Palestinian banks to notify the regulator at least three business days before suspending automated systems, including core banking, ATMs, and digital channels, for planned updates. Banks must additionally inform the public and customers via branch notices, websites, social media, and SMS alerts at least one business day prior to the outage. These mandatory advance-notice protocols are designed to protect consumer rights and ensure adequate preparation for temporary electronic banking disruptions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (28/1/2018)
To all banks operating in Palestine
Date: Wednesday, June 20, 2018
Subject: Temporary Suspension of Electronic Banking Services
Further to our Circular No. (2017/46) dated 2017/03/20 regarding events related to operational risks, and with the Palestine Monetary Authority's commitment to protecting the rights of banking service consumers and facilitating their transactions, banks are requested to comply with the following:
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Notify the Palestine Monetary Authority of the suspension of automated systems in the event of planned updates (the banking system, electronic channels, ATM service, SMS service, internet banking service), at least (3) business days prior to the service suspension.
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Announce to the public through bank branch offices, the bank's website, and social media channels, and send an SMS message to bank customers regarding the service outage period, at least one business day prior to the service suspension to take necessary measures.
Market Discipline Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Phone: +970 2 2415250 | Fax: +970 2 2415310 | Email: info@pma.ps | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps | Email: info@pma.ps