Regulatory Alerts2024-01-01
Circular No. 52/2024 - Criminal Modus Operandi: Email Fraud
The Palestine Monetary Authority issued Circular No. 52/2024 to all banks operating in Palestine, warning of a criminal modus operandi involving email account impersonation to facilitate fraudulent financial transfers. The circular mandates banks to implement enhanced due diligence measures, including verifying email authenticity via recorded phone calls, prohibiting unverified email-based payment instructions, and notifying correspondent banks of suspected fraud. Additionally, banks are required to educate customers, report incidents to the AML/CFT department within two weeks, and guide victims to file complaints with competent authorities.
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