Regulatory Alerts2017-01-01
Circular No. 16/2017: Operational Risk Events
The Palestine Monetary Authority mandates all Palestinian banks to immediately report specified operational risk events, including fraud, system downtime exceeding two hours, theft, cybercrime, and employee assault, via email or phone followed by a detailed written report within three business days. Each incident report must contain a standardized set of details covering the event's nature, location, dates, status, impact, causes, financial losses, and corrective actions taken. The circular repeals previous directive 2007/107, requires banks to notify competent authorities and pursue legal action per prevailing laws, and maintains existing obligations regarding counterfeit currency reporting.
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