Regulatory Alerts2019-01-01
Circular No. 5: Precautions Against a Criminal Method
The Palestine Monetary Authority issued Circular No. 5 (2019) to mandate that all Palestinian banks implement enhanced preventive controls and supervisory measures against a North American criminal method involving ATM and POS card cloning. Banks are required to establish strict card usage standards, integrate this risk into comprehensive insurance policies, verify transactions via SMS alerts, educate customers, and immediately report any operational incidents to the regulator. Additionally, banks must inspect ATMs for hidden cameras, skimming devices, and counterfeit keypads during cash replenishment, monitor external CCTV footage regularly, and submit their implemented procedures and controls to the Authority by February 15, 2019.
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