Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (251 / 2019)

To all banks operating in Palestine

Date: Monday, October 28, 2019

Subject: Risks of New Services and Products

In order for the Palestine Monetary Authority to maintain financial stability, and with the aim of mitigating money laundering and terrorist financing risks in financial services and products, and in alignment with the requirements of Recommendation 15 of the Financial Action Task Force (FATF) recommendations concerning new technologies, we emphasize the necessity of:

Full Compliance with the Following:

1. Identifying and assessing all risks associated with the new service, product, or technology, including money laundering and terrorist financing risks, prior to launching or introducing any new financial product or service and/or using new technologies or modifying and developing existing products and services.

2. Establishing the necessary controls and measures to manage and mitigate those risks.

3. Fully complying with the provisions of Instructions No. (1) of 2017 concerning financial and banking products, and providing the Palestine Monetary Authority with evidence of compliance with the aforementioned items.

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Supervision and Inspection Department
Palestine Monetary Authority

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Note:
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