Regulatory Alerts2024-01-01
Circular No. 62/2024: Assessment of the Levels of Electronic Services and Digital Transformation in Banks
The Palestine Monetary Authority (PMA) requires all banks operating in Palestine to submit, within two months, a timeline for product development and addressing the weak usage of electronic services by customers. This directive follows an assessment of electronic service levels and digital transformation up to the end of 2023, based on a questionnaire distributed in February 2024. Banks must focus on developing electronic channels, encouraging customer adoption through incentives, automating internal operations, and enhancing security measures like OTP/PIN and re-evaluating financial limits to mitigate fraud.
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