Regulatory Alerts2021-01-01
Instructions No. 22 of 2021 Concerning Security, Safety, and Protection
The Palestine Monetary Authority issued Instructions No. 22 of 2021 to establish minimum security, safety, and asset protection standards for all licensed banks. The directive mandates comprehensive risk classification, dedicated security staffing, mandatory installation of surveillance and alarm infrastructure, and strict protocols for key, seal, and document management. Additionally, it requires banks to secure comprehensive insurance, outsource security services only to licensed entities, retain camera footage for at least one year, and submit a compliance assessment within 30 days of issuance.
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