Regulatory Alerts2021-01-01
Circular No. 151/2021: Caution Regarding a Criminal Scheme
The Palestine Monetary Authority issued Circular No. 151/2021 to alert money changers about a fraudulent SMS campaign impersonating the "Al-Adl wa al-Musawaa Group" that tricks citizens into sending international transfers to a specific IBAN under the guise of charity. The circular mandates that money changers actively educate their customers about this scam and its risks by distributing awareness materials across branches and social media platforms. Furthermore, it requires staff to strictly verify and document the true underlying purpose of all international money transfers to prevent victims from falling prey to the scheme.
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