Regulatory Alerts2019-01-01
Circular No. 143: Exercise Caution Regarding a Criminal Fraud Method
The Palestine Monetary Authority issued Circular No. 143 mandating all Palestinian banks to implement enhanced preventive controls and supervisory mechanisms to mitigate fraud risks associated with electronic banking applications. The directive requires institutions to conduct pre-launch risk assessments, patch technological vulnerabilities, restrict simultaneous multi-app transactions, enforce daily transfer limits, and implement real-time SMS alerts and anti-money laundering monitoring. Banks must also immediately report suspected incidents to the Authority and the Financial Follow-up Unit while securing comprehensive insurance coverage for these specific cyber and operational risks.
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