Regulatory Alerts2011-01-01
Circular No. 166 Operational Risks
The Palestine Monetary Authority issued Circular No. 166 to mandate all Palestinian banks to implement enhanced security protocols against escalating operational risks, specifically targeting ATM skimming and check forgery. Banks are required to adopt comprehensive preventive measures to identify and neutralize the root causes of these fraudulent activities. Furthermore, all institutions must immediately report any confirmed or suspected incidents to the regulator for oversight and coordinated response.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (166)
To All Banks Operating in Palestine
Date: Thursday, October 06, 2011
Subject: Operational Risks
Recently, several cases of ATM card forgery have emerged through the attachment of small devices to ATMs. These devices copy the PIN and card number, which are then used to withdraw funds from customer accounts.
Additionally, multiple cases of check forgery and withdrawal from actual bank accounts at certain banks have been observed recently, contributing to increased operational risks.
Therefore, all banks are requested to exercise caution and adopt all measures necessary to address and control the causes leading to such incidents, and to notify the Palestine Monetary Authority in the event of any occurrence.
Directorate of Inspection and Supervision
Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
www.pma.ps