Regulatory Alerts2025-01-01
Circular No. 5/2025: High-Risk Countries and Countries Under Enhanced Monitoring
The Palestine Monetary Authority issued Circular No. 5/2025 on February 27, 2025, instructing all payment service providers to implement Decision No. 2025/1 regarding high-risk and grey-listed countries. The directive mandates enhanced due diligence and specific countermeasures for transactions involving North Korea, Iran, and Myanmar, while updating the grey list to include Laos and Nepal and remove the Philippines. Financial institutions are required to apply a risk-based approach, considering deficiencies in AML/CFT systems when conducting self-assessments and updating their internal controls.
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