Regulatory Alerts2025-01-01
Circular No. 129/2025: Supervision of Bank Staff Access to Customer Accounts
The Palestine Monetary Authority issued Circular No. 129/2025 to strengthen supervision over bank staff access to customer account data and safe deposit boxes. The directive mandates banks to enhance compliance culture, implement strict data confidentiality procedures, and establish monitoring mechanisms with periodic reports on access purposes. Additionally, banks are required to enforce administrative, disciplinary, and legal measures against any staff members found violating these access protocols.
PALESTINE MONETARY AUTHORITY
Circular No. 129/2025 To all banks operating in Palestine Date: Monday, October 06, 2025
Subject: Supervision of Bank Staff Access to Customer Accounts
Committed to enhancing supervision over bank staff access to banking systems and supporting systems for inquiring about customer account data and safe deposit boxes, and with the aim of preserving data confidentiality and reducing risks and the likelihood of misuse of the service for unintended purposes, the Palestine Monetary Authority emphasizes the necessity to comply with the following:
- Enhance the culture of compliance and ethics and rules of proper banking among employees, and warn them of the severity and repercussions of violations on the bank and the employee.
- Strengthen the necessary procedures and controls to maintain the confidentiality of customer data.
- Establish the necessary mechanisms to supervise staff access to customer bank accounts and rented safe deposit boxes, including providing periodic supervisory reports to verify the purpose of access operations, particularly accounts that have not undergone any financial transactions and boxes that have not been visited on the same day as the inquiry.
- Do not hesitate to take administrative, disciplinary, and legal measures against employees who violate these rules.
Supervision Group Palestine Monetary Authority