Regulatory Alerts2025-01-01
Circular No. 16/2025: High-Risk Countries and Countries Under Enhanced Follow-Up
The Palestine Monetary Authority issued Circular No. 16/2025 to all money changers in Palestine, mandating compliance with Decision No. (2025/2) from the Financial Follow-Up Unit regarding high-risk and enhanced follow-up countries. The directive requires institutions to apply risk-based approaches and enhanced due diligence when dealing with jurisdictions listed by the FATF, specifically North Korea, Iran, and Myanmar. It also updates the grey list by adding Bolivia and the British Virgin Islands while removing Croatia, Mali, and Tanzania, requiring financial institutions to adjust their self-assessments accordingly.
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