Regulatory Alerts2022-01-01
Instructions No. 3 of 2022 Concerning the Issuance and Receipt of Financial Remittances - Credit Institutions
The Palestine Monetary Authority issued Instructions No. 3 of 2022 to regulate the issuance and receipt of financial remittances by licensed financial institutions and money or value transfer service providers within Palestine. The directives mandate risk-based policies, strict originator and beneficiary identification protocols, comprehensive record retention, and enhanced due diligence for cross-border transactions to mitigate money laundering and terrorism financing risks. Additionally, the Instructions enforce targeted financial sanctions screening, simplify due diligence for remittances under USD 1,000 with prior approval, and establish penalties for non-compliance effective from August 28, 2022.
Share