Regulatory Alerts2022-01-01
Instructions No. 6 of 2022 Regarding the Regulation of the Information Technology Environment
The Palestine Monetary Authority issued Instructions No. 6 of 2022 to regulate the information technology environment and mandate secure, effective management of banking IT operations. The directive requires licensed banks to obtain prior written approval before utilizing cloud computing or co-location services, particularly for critical systems and sensitive data hosted outside Palestine. It establishes strict compliance obligations regarding data confidentiality, disaster recovery, service provider vetting, annual security audits, and continuous governance to mitigate operational and cybersecurity risks.
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