Regulatory Alerts2022-01-01
Circular No. 152/2022: Main and Sub-Agents for Payment Service Companies
The Palestine Monetary Authority issued Circular No. 152/2022 to mandate strict compliance measures for payment service companies regarding their main and sub-agents. The directive requires companies to prohibit dealings with unlicensed financial institutions, screen all agents against active Palestinian blocking lists upon hiring and periodically, and register them using standardized trade names and official identification numbers. Additionally, payment service providers must update agent data annually, apply uniform classifications for agent activities, and adhere to contracting standards outlined in Circular No. 5 of 2021 to mitigate money laundering and terrorist financing risks.
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