Regulatory Alerts2025-01-01
Circular No. 26: Precautionary Measures to Limit Electronic Fraud Crimes
The Palestine Monetary Authority issued Circular No. 26/2025 to mandate precautionary measures for banks operating in Palestine, requiring enhanced cybersecurity controls including mandatory two-factor authentication, IP-based geo-blocking, proxy/VPN restrictions, and multi-device registration limits. The directive further obligates financial institutions to deploy automated fraud detection systems for unusual transactions, link third-party transfers and purchases to OTP or electronic approvals, and intensify customer notifications via SMS. Additionally, banks must establish 24/7 call center support and respond promptly to official authorities regarding electronic fraud complaints and legal proceedings.
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