Regulatory Alerts2022-01-01
National Committee for Combating Money Laundering and Terrorist Financing Instructions No. (4) of 2022 Regarding AML/CFT for Financial Institutions - Banks
The Palestinian National Committee for Combating Money Laundering and Terrorist Financing issued Instructions No. (4) of 2022 to establish comprehensive Anti-Money Laundering and Counter-Terrorist Financing requirements for financial institutions. The regulations mandate strict customer due diligence, including identity verification, beneficial ownership identification, and enhanced scrutiny for high-risk relationships and correspondent banking. Financial institutions are required to maintain continuous monitoring, manage risks associated with non-face-to-face transactions, and ensure compliance with record-keeping and reporting obligations.
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