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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. 151/2021
To All Money Changers Operating in Palestine
Date: Monday, April 26, 2021
Subject: Caution Regarding a Criminal Scheme
The Palestine Monetary Authority urges money changers to exercise caution and vigilance regarding a criminal scheme aimed at defrauding citizens and stealing their funds. This scheme involves citizens receiving SMS messages purportedly from the "Al-Adl wa al-Musawaa Group," urging them to send an international money transfer to a specific bank account (IBAN) under the pretext of supporting the poor.
In its commitment to combating criminal methods and protecting citizens' funds, the Authority emphasizes the necessity of:
- Educating customers about this type of criminal scheme, its risks, and urging them not to fall victim to it, which includes distributing awareness brochures at money changer branches and through the money changer's social media channels.
- Urging customers to disclose the true purpose of the money transfers to the money transfer service staff at the money changer.
Supervision Department
Palestine Monetary Authority
Copy to: Respected Financial Monitoring Unit
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Tel: +970 8 2825713 | Fax: +970 8 2844487