Regulatory Alerts2020-01-01
Circular No. 203 of 2020 Regarding Measures to Be Taken Against Persons Prohibited from Dealing
The Palestine Monetary Authority issued Circular No. 203 of 2020 to all exchange companies operating in Palestine, mandating immediate measures to prevent transactions with individuals prohibited from dealing to mitigate money laundering and terrorist financing risks. The circular requires companies to disseminate prohibited person names to staff, integrate these names into internal sanction lists within accounting systems to trigger automatic alerts, and verify all transfers against local and international freeze lists before execution. Additionally, the Authority demands enhanced employee training on due diligence, mandatory reporting of suspicious events, and written notification of operational incidents related to these crimes via the designated AML-CFT email.