Regulatory Alerts2019-01-01
Circular No. 251/2019: Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. 251/2019 requiring all Palestinian banks to implement comprehensive risk management frameworks for new financial products, services, and technologies. The directive mandates that institutions identify and assess all money laundering and terrorist financing risks prior to launching new offerings or modifying existing ones, while establishing appropriate controls to mitigate those risks. Furthermore, banks must demonstrate full compliance with Instructions No. (1) of 2017 and report evidence of adherence to the Authority.
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