Regulatory Alerts2019-01-01
Palestine Monetary Authority Circular No. 17/2019: Instructions for Politically Exposed Persons
The Palestine Monetary Authority and the National Committee for Combating Money Laundering and Terrorist Financing issued updated regulatory instructions mandating strict compliance with enhanced due diligence and risk-based approaches for Politically Exposed Persons (PEPs) and their close associates. Financial institutions and designated non-financial businesses must establish senior management approval protocols, verify sources of wealth and funds, implement ongoing transaction monitoring, and report quarterly via Excel to the Authority's AML-CFT department. The directives explicitly define PEP categories, mandate the repeal of prior 2014 instructions, and require banks to submit corrective action plans by year-end to align Palestinian banking practices with international anti-money laundering standards.