Regulatory Alerts2018-01-01
Instructions No. (1) of 2018 Regarding Politically Exposed Persons - Banks
The National Committee for Combating Money Laundering and Financing of Terrorism issued Instructions No. (1) of 2018 to establish a comprehensive regulatory framework for identifying and managing Politically Exposed Persons (PEPs) within financial institutions and specified non-financial businesses and professions in Palestine. The directives mandate a risk-based approach and enhanced due diligence measures, including senior management approval, verification of wealth and fund sources, continuous monitoring, and specific protocols for life insurance payouts. Furthermore, the instructions repeal the 2014 version, define key AML/CFT terms, and specify PEP categories ranging from high-ranking government officials and diplomatic personnel to executives of state-owned enterprises and NGO leaders.