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.
Palestine Monetary Authority
Circular No. 19/2023 To all payment service companies operating in Palestine Date: Monday, January 30, 2023
Subject: Guideline on the Ultimate Beneficial Owner of Legal Persons
Attached is the Guideline approved by the National Committee for Combating Money Laundering and Terrorist Financing regarding the Ultimate Beneficial Owner of Legal Persons and legal arrangements.
Accordingly, it is requested to take the necessary measures in this regard, including informing and training relevant employees on the requirements for identifying the Ultimate Beneficial Owner of Legal Persons and legal arrangements.
Supervision Group Palestine Monetary Authority
Copy to: The respected Financial Monitoring Unit