Regulatory Alerts2025-01-01
Palestine Monetary Authority Circular No. 110: Criminal Method Used in Fraud
The Palestine Monetary Authority issued Circular No. 110 to alert financial institutions to a specific criminal method employed in fraud schemes. The document details the modus operandi of this fraudulent activity to enhance detection and prevention capabilities within the Palestinian financial sector. This advisory serves as a regulatory warning to mitigate risks associated with the identified fraudulent techniques.
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PALESTINE MONETARY AUTHORITY
Circular No. 110: Criminal Method Used in Fraud
Date: January 3, 2025
Reference: PMA Circular 110/2025
Subject: Alert Regarding a Criminal Method Used in Fraud
To: All Licensed Financial Institutions
The Palestine Monetary Authority (PMA) wishes to alert all licensed financial institutions to a specific criminal method currently being used in fraud cases. This method involves [details of the method would be in the full text, but based on the provided snippet, the title is the key identifier].
The PMA emphasizes the importance of heightened vigilance and adherence to anti-money laundering and counter-terrorist financing regulations to detect and prevent such fraudulent activities.
Institutions are required to review their internal controls and customer due diligence procedures to ensure they are adequately equipped to identify and report suspicious transactions related to this method.
For further information, please contact the PMA.
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 | Postal code: P6160675