Regulatory Alerts2023-01-01
Circular No. 16 of 2023 - Guidelines for Politically Exposed Persons
The Palestine Monetary Authority issued Circular No. 6/2023 to mandate compliance with the National Committee for Combating Money Laundering and Financing of Terrorism's Guidelines on Politically Exposed Persons. Money changers operating in Palestine must implement enhanced due diligence procedures for all financial transactions conducted on behalf of such individuals. Additionally, institutions are required to inform and train relevant staff on the specific identification requirements and risk mitigation protocols detailed in the attached guidelines.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (6 / 2023) To all money changers operating in Palestine Date: Monday, January 30, 2023
Subject: Guidelines for Politically Exposed Persons
Attached is the approved Guidelines on Politically Exposed Persons issued by the National Committee for Combating Money Laundering and Financing of Terrorism.
Accordingly, the necessary measures are requested to be taken regarding this matter, including informing and training relevant employees on the requirements for identifying Politically Exposed Persons and implementing enhanced due diligence measures regarding financial transactions executed on their behalf.
Supervision Group Palestine Monetary Authority
Copy: The respected Financial Monitoring Unit
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