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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (152 / 2022)
To all payment service companies in Palestine
Date: Thursday, July 07, 2022
Subject: Main and Sub-Agents for Payment Service Companies
In order to ensure the safety of payment service companies and mitigate money laundering and terrorist financing risks, as well as any potential risks, the Authority requires the implementation of necessary measures, safeguards, and controls to comply with the following:
- Prohibition of dealing with unlicensed financial institutions.
- Screening agents against active blocking lists in Palestine upon contracting and on a periodic basis.
- Registering agents on payment systems according to their trade name and personal identification number/registration number as recorded in the identity document and registration and licensing certificates issued by competent authorities.
- Updating agent names and data on the systems annually.
- Adopting standardized classifications for the nature of agents' work for registration on payment systems.
- Contracting requirements for agents as specified in Circular No. (5) of 2021.
Supervision Group
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box
Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps