Regulatory Alerts2020-01-01
Circular No. 84/2020: Exercise Caution in Emergency Situations
The Palestine Monetary Authority issued Circular No. 84/2020 requiring all specialized lending institutions operating in Palestine to implement enhanced vigilance and maintain strict compliance with anti-money laundering and counter-terrorist financing regulations during emergency situations. The directive mandates that institutions exercise heightened caution to prevent the exploitation of current crises for illicit financial activities while ensuring uninterrupted operational continuity for compliance personnel. This requirement reinforces full adherence to Legislative Decree No. 20 of 2015 and its implementing regulations to safeguard financial stability and mitigate emerging risks.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (84/2020)
To all specialized lending institutions operating in Palestine
Date: Thursday, March 26, 2020
Subject: Exercise Caution in Emergency Situations
In its commitment to maintaining financial stability and mitigating the risks of money laundering and terrorist financing during emergencies, the Palestine Monetary Authority emphasizes the necessity of taking the following measures:
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Exercise caution to ensure that current circumstances are not exploited for purposes related to money laundering or terrorist financing.
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Ensure the continuity of efforts by personnel working within the framework of combating money laundering and terrorist financing crimes to guarantee full compliance with the anti-money laundering and counter-terrorist financing requirements stipulated under Legislative Decree No. (20) of 2015 and the regulations issued thereunder.
Supervision Group
Palestine Monetary Authority
Copy: The Honorable / Financial Monitoring Unit
Note:
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps