Regulatory Alerts2023-01-01
Circular No. 3 of 2023: Business Continuity and Crisis Management Plans
The Palestine Monetary Authority issued Circular No. 3 of 2023 to mandate all Palestinian banks to activate business continuity and crisis management plans amid current operational conditions. The directive requires banks to implement remote work protocols, ensure continuous ATM cash replenishment and electronic service availability, and optimize staff deployment while limiting inter-governorate travel. Furthermore, it grants bank management the authority to close northern governorate branches based on real-time field assessments and mandates ongoing communication with employees and customers during emergencies.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (3 / 2023)
To all banks operating in Palestine Date: Sunday, October 08, 2023
Subject: Business Continuity and Crisis Management Plans
In light of the current circumstances, and to safeguard the soundness and continuity of the banking sector's operations as well as the safety of employees and customers, and in reference to PMA Instruction No. (5) of 2022 regarding business continuity management, banks are required to comply with the following:
- Activate business continuity and crisis management plans as stipulated in Article 5 and Article 8 of the aforementioned instructions.
- Activate remote work procedures for employees.
- Ensure continuous cash replenishment of ATMs and monitor their operation optimally.
- Verify the availability of cash liquidity in branches and offices.
- Ensure the provision of electronic banking services and monitor their continuity.
- Maintain the operations of banks' general and regional departments to execute banking transactions for customers.
- Grant bank management the authority to decide on closing branches and offices in the northern governorates, based on field conditions, and conduct continuous assessments.
- Optimize human resources utilization and limit their travel between governorates to ensure their safety.
- Activate communication procedures with employees and customers during emergencies and closures.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal code: 6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps