Regulatory Alerts2015-01-01
Circular No. 31 Customer Safe Deposit Boxes
The Palestine Monetary Authority issued Circular No. 41/2015 mandating that all Palestinian banks implement preventive safeguards and access control mechanisms for customer safe deposit boxes. Banks must guarantee that customers can independently open their rented boxes without exposing neighboring units to theft or security risks. These protective measures must function effectively regardless of whether privacy settings are enabled for individual customers.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (41 / 2015)
To all banks operating in Palestine
Date: Wednesday, February 18, 2015
Subject: Customer Safe Deposit Boxes
With reference to the above subject, all banks are required to take the necessary preventive measures and safeguards to ensure that customer-rented safe deposit boxes are not exposed to any incidents or theft attempts. This shall be achieved by providing control mechanisms that ensure customers can open their own boxes without exposing other boxes to potential risks, even when privacy is granted to customers during the use of their respective boxes.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Phone: +970 2 2415250 | Fax: +970 2 2409922 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps