Regulatory Alerts2023-01-01
Circular No. 19/2023 – Payment Sector Guideline on the Ultimate Beneficial Owner of Legal Persons
The Palestine Monetary Authority issued Circular No. 19/2023 to mandate all payment service companies operating in Palestine to implement the approved Guideline on the Ultimate Beneficial Owner of Legal Persons and legal arrangements. The circular requires these entities to take necessary compliance measures, including the accurate identification of beneficial owners in accordance with National Committee for Combating Money Laundering and Terrorist Financing standards. Additionally, it obligates companies to inform and train relevant staff on the specific identification requirements and applicable legal arrangements.
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