Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (03) of 2019

Concerning Specialized Professional Certifications

Based on the provisions of Legislative Decree No. (9) of 2010 concerning Banks, particularly Article (28) thereof, and in the public interest, we have issued the following Instructions:

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Article (1)

Scope of Application

The provisions of these Instructions shall apply to all banks licensed by the Palestine Monetary Authority to conduct banking business in Palestine.

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Article (2)

Objective

The objective of the Palestine Monetary Authority in applying these Instructions is to enhance the training and qualification of senior executives for each of the activities covered herein, by requiring them to obtain specialized professional certifications that enable them to perform their roles effectively.

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Article (3)

Specialized Professional Certifications

1. The first or second senior executive for each of the following activities—Risk Management, Compliance Monitoring, Internal Audit, Treasury and Investment, Treasury Oversight, Finance, Anti-Money Laundering and Counter-Terrorist Financing, Sharia Supervision and Sharia Audit—must hold specialized professional certifications as specified in the appendix to these Instructions.

2. The appendix to these Instructions shall be updated as needed, in light of the introduction of new professional certifications, requests to add specific certifications, and based on international availability or through the Palestinian Banking Institute.

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Article (4)

Implementation and Enforcement

1. All competent authorities shall implement the provisions of these Instructions within their respective jurisdictions, and their provisions shall apply from the date of issuance.

2. All banks are required to plan and develop their staff capabilities by providing necessary resources and supporting their acquisition of specialized professional certifications.

3. Banks must provide the Palestine Monetary Authority, within one month of the issuance of these Instructions, with the names of the senior executives for the activities listed in the appendix who do not yet hold the required specialized professional certifications. This submission must include a timeline for each individual to obtain the required certification in their respective field, with a maximum timeframe not exceeding the end of 2020.

4. Banks must develop training and competency enhancement plans to qualify their staff and secure the required professional certifications, with all positions listed in the appendix to be filled by certified executives starting from 2021.

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Issued in Ramallah on 12/02/2019

Supervision and Inspection Department
Palestine Monetary Authority

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Note:
The following pages contain the Instructions Appendix (Appendix on Specialized Professional Certifications Instructions) in table format.

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Appendix to the Instructions on Specialized Professional Certifications

Issuing Body	Required Specialized Professional Certifications	Senior Executives / Activities
Global Association of Risk Professionals (GARP)	Financial Risk Manager (FRM);<br>Professional Risk Manager (PRM)	Risk Management
Institute of Risk Management qualifications (IRM);	International diploma in enterprise risk management<br>International certificate in financial services risk management<br>Any equivalent specialized certifications issued by international bodies or globally recognized institutes
The Institute of Internal Auditors (IIA)	Certified Internal Auditor (CIA)<br>Certified Financial Services Auditor (CFSA)<br>Any equivalent specialized certifications issued by international bodies or globally recognized institutes	Internal Audit

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Issuing Body	Required Specialized Professional Certifications	Senior Executives / Activities
(International Compliance Association)	International Diploma in Compliance<br>International Advanced Certificate in Compliance and Financial Crime<br>Any equivalent specialized certifications issued by international bodies or globally recognized institutes	Compliance Monitoring
CFA Institute<br>Chartered Institute for Securities & Investment	Chartered Financial Analyst (CFA);<br>Certificate in Securities and Financial Derivatives<br>Certificate in Investment Management<br>Any equivalent specialized certifications issued by international bodies or globally recognized institutes	Treasury and Investment / Treasury Oversight
CFA Institute<br>Institute of Certified Public Accountants<br>CFP Board	Chartered Financial Analyst (CFA)<br>Certified Public Accountant (CPA)<br>Certified Financial Planner (CFP)<br>Any equivalent specialized certifications issued by international bodies or globally recognized institutes	Finance / Financial Oversight

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Issuing Body	Required Specialized Professional Certifications	Senior Executives / Activities
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)	Certified Sharia Advisor and Auditor (CSAA)	Sharia Supervision and Sharia Audit
ASSOCIATION OF CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS (ACAMS)	Certified Anti-Money Laundering Specialist (CAMS)	Anti-Money Laundering and Counter-Terrorist Financing
International Compliance Association	Diploma in Anti-Money Laundering<br>Advanced Certificate in Compliance and Financial Crime<br>Any equivalent specialized certifications issued by international bodies or globally recognized institutes

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Note:
At the bottom of pages 1 and 2, contact information for the Palestine Monetary Authority in Ramallah and Gaza is provided:

• Ramallah and Bethlehem:
  Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251

• Gaza:
  Gaza - Palestine P.O. Box 4026
  Fax: +970 8 2844487 | Phone: +970 8 2825713

Website: www.pma.ps