Regulatory Alerts2025-01-01
Circular No. 7 Business Continuity and Crisis Management Plans
The Palestine Monetary Authority issued Circular No. 7 of 2025, requiring all operating banks to activate and update their business continuity and crisis management plans in alignment with prior regulatory directives. The circular mandates that banks ensure key personnel can perform their duties, maintain optimal electronic banking and ATM operations, apply specific cybersecurity controls for remote work, and verify system interconnectivity at alternative sites to guarantee operational resilience during emergencies. Banks must also comply with existing safety and security regulations to protect assets, mitigate risks, and overcome current logistical constraints affecting staff mobility across governorates.
Palestine Monetary Authority
Circular No. (07 / 2025)
To all banks operating in Palestine Date: Tuesday, January 28, 2025
Subject: Business Continuity and Crisis Management Plans
To ensure the safety and continuity of banking sector operations, as well as the safety of employees and customers, and in reference to Palestine Monetary Authority Circular No. (5 of 2022) regarding Business Continuity Management, banks are required to comply with the following:
- Activate and update business continuity and crisis management plans, particularly Articles 5 and 8 of the aforementioned circular.
- Implement all necessary measures to enable key personnel (key Person) to perform their duties, ensuring the continuity of banking operations during emergencies, and address current constraints hindering staff mobility between governorates.
- Continue providing electronic banking services to individuals and ensure ATMs are continuously replenished with cash, operating optimally.
- Apply the security controls outlined in Cybersecurity Regulatory Framework Requirements No. 11 of 2022 when activating entry and remote work procedures.
- Comply with Safety, Security, and Protection Regulations No. 22 of 2021 and Circular No. 10 of 2023 regarding the enhancement of safety, security, and asset protection measures to mitigate risks.
- Take necessary measures to verify system interconnectivity at alternative sites and ensure operational capability during emergencies or when access to primary data centers is unavailable.
Supervision Group Palestine Monetary Authority