Regulatory Alerts2019-01-01
Instructions No. (12) of 2019 Regarding Banks Granting Sub-Agencies
The Palestine Monetary Authority issued Instructions No. 12 of 2019 to regulate the granting of sub-agencies by licensed banks operating in Palestine. The directive mandates that banks obtain prior written regulatory approval before appointing agents, requiring licensed agents, formalized work agreements with service exclusivity clauses, strict adherence to anti-money laundering protocols, and comprehensive record-keeping. Furthermore, it establishes joint liability for banks and agents in implementing customer due diligence measures and stipulates legal penalties for non-compliance under prevailing Palestinian financial and counter-terrorism financing laws.
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