Regulatory Alerts2023-01-01
Instructions No. 15 of 2023 on Security, Safety and Protection
The Palestine Monetary Authority issued Instructions No. 15 of 2023 to mandate enhanced security, safety, and asset protection measures for all licensed banking institutions. The regulations require banks to fortify high-risk branch entrances and exits with electronically controlled barriers, implement multifactor authentication or security officer oversight for customer access, and install bulletproof glass doors and windows. Banks must submit a compliance report detailing their implemented measures to the Authority within one month of the Instructions' issuance on September 4, 2023.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Instructions No. (15) of 2023 on Security, Safety and Protection
Pursuant to the provisions of Law Decree No. (9) of 2010 on Banks, particularly Articles (43) and (72) thereof, and after reviewing Instructions No. (22) of 2021 on Security, Safety and Protection, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Objective and Scope of Application
- These Instructions aim to enhance security and safety, protect the bank's funds and assets, and mitigate risks.
- The provisions of these Instructions apply to all banks licensed by the Palestine Monetary Authority to conduct banking operations.
Article (2) Fortification of Branches and Offices
The bank shall comply with the following:
- Fortify the entrances and exits of the bank's high-risk branches and offices according to its classification, particularly those located outside cities, by installing electronically controlled doors or barriers that control the passage of individuals and hinder/simplify the commission of robbery/theft crimes, such as (Double Door Airlock (Interlock), Turnstile) and (Mantrap Access Control), subject to meeting the following conditions: a. Control customer entry to these branches and offices through multifactor authentication (Multifactor Auth) such as (Biometric: Fingerprint, Face ID, Smart Card, PIN Code, ATM Cards) or through a security officer. b. Control the doors or barriers through a security office fortified with bulletproof glass, or through the competent authority in the General or Regional Administration, in case of any suspicions to execute a robbery process or unauthorized entry into bank branches and offices.
1 www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
- Install bulletproof glass doors and windows to protect cashiers in high-risk branches and offices according to its classification.
Article (3) Rectification of Status
The bank shall provide the Palestine Monetary Authority with the measures it has taken to comply with these Instructions within one month from the date of their issuance.
Article (4) Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions, each within its respective jurisdiction, and they shall apply from the date of their issuance.
Issued in the city of Ramallah, on: 04/09/2023 CE
Dr. Feras Malhem Governor [Signature]
2 www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps