Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (256/2019)
To all specialized lending institutions 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 to mitigate the risks of money laundering and terrorist financing in financial services and products, and in alignment with the requirements of Recommendation (15) of the Financial Action Task Force (FATF) regarding new technologies, we emphasize the strict compliance with the following:

1. Identify and assess 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 previous products and services.

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

3. Strictly comply with the provisions of Instruction No. (1) of 2017 concerning financial and banking products, and provide the Palestine Monetary Authority with information demonstrating compliance with the aforementioned items.

---

Supervision and Inspection Department
Palestine Monetary Authority

---

Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Tel
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Tel
www.pma.ps