Regulatory Alerts2022-01-01
Circular No. 67: Electronic Clearing System at the Bank
The Palestine Monetary Authority issued Circular No. 67/2022 mandating all Palestinian banks to implement stricter controls over their electronic clearing systems following a fraud incident. The directive requires enhanced dual control, strict segregation of duties, comprehensive system reviews and user acceptance testing, centralized database linking, revocation of premature print permissions, and strengthened internal audit oversight. Additionally, banks must activate SMS notifications for customers upon check deposits to improve transaction transparency and monitoring.
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