Regulatory Alerts2019-01-01
Circular No. (256/2019) Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. (256/2019) to mandate that all specialized lending institutions in Palestine strictly identify, assess, and mitigate money laundering and terrorist financing risks associated with new financial services, products, or technologies before their launch or modification. The directive requires institutions to implement appropriate internal controls and fully comply with Instruction No. (1) of 2017 regarding financial and banking products. Furthermore, regulated entities must report to the Authority to demonstrate adherence to these risk management and compliance obligations.
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