Regulatory Alerts2023-01-01
Palestine Monetary Authority Circular No. 94: Security and Safety Requirements
The Palestine Monetary Authority issued Circular No. 94/2023 to mandate full compliance with existing security and safety instructions following a rise in branch, office, and ATM robberies. Banks must implement enhanced protection measures, classify their premises according to risk exposure, and submit a detailed report of these actions within five working days. The directive explicitly references Instructions No. (2021/22) and Circular No. (2020/25), requiring institutions to apply lessons from past incidents to fortify operational sites.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (94/2023) To all banks operating in Palestine Date: Thursday, April 27, 2023
Subject: Security and Safety Requirements
In the context of the Palestine Monetary Authority's efforts to enhance protection, security, and safety measures in the banking sector in Palestine, and given recent developments regarding the repeated incidents of robbery and theft at branches, offices, and ATMs, the Authority emphasizes full compliance with the requirements of Instructions No. (2021/22) dated October 31, 2021, and Circular No. (2020/25) dated January 27, 2020, regarding security and safety protection requirements. Banks must extract lessons learned from previous cases and take measures adequate to enhance security and protection for branches, offices, and ATMs. Furthermore, banks shall classify headquarters, branches, and offices according to their respective risk exposure levels and make necessary arrangements to provide security and safety requirements based on this risk classification. Banks are required to submit a report detailing the measures taken within five working days from the date of this circular.
Supervision Group Palestine Monetary Authority