Regulatory Alerts2022-01-01
Circular No. 274: Working in Emergency Situations
The Palestine Monetary Authority issued Circular No. 274/2022 mandating all Palestinian banks to activate crisis management plans and remote work capabilities to ensure the continuity of critical operations during emergencies or partial/full lockdowns. The circular requires banks to immediately communicate adjusted working hours to employees and customers, close branches in designated lockdown zones, and task their compliance departments with monitoring adherence to these directives. Furthermore, the Authority will disseminate further instructions through its Consumer Protection Department and direct communications with bank management as needed.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (274/2022) To all banks operating in Palestine Date: Sunday, October 30, 2022
Subject: Working in Emergency Situations
In order to ensure that banks take all necessary measures to guarantee the safety of premises and employees during emergencies and partial or total lockdowns, and to avoid disruption to the banking sector's operations during such periods, while ensuring the continuity of critical operations, the Palestine Monetary Authority requests that banks comply with the following:
- Activate crisis management plans to ensure the continuation of critical functions and operations, and work to enable remote work services at alternative work centers.
- Establish necessary arrangements to organize employee working hours, and inform them of working hour instructions immediately in cases of emergencies and lockdowns.
- Establish necessary arrangements to inform the customer base of any modifications or changes to bank operations and working hours through available channels and means.
- Commit to closing branch premises in lockdown areas, and organize branch operations according to management's assessments.
- Emphasize the role of the bank's compliance monitoring department in following up on working hour instructions in lockdown areas.
- The Palestine Monetary Authority will issue its instructions to banks through available communication channels via the Consumer Protection Department in the Market Discipline Department, and through direct communication with bank management whenever necessary.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 Gaza - Palestine P.O. Box 4026 Tel: +970 8 2875713 | Fax: +970 8 2844487 | info@pma.ps