Regulatory Alerts2023-01-01
Circular No. 33/2023 – Payment Sector: Anti-Money Laundering and Counter-Terrorist Financing Instructions No. 4 of 2022
The Palestine Monetary Authority issued Circular No. 33/2023 to require all payment service companies operating in Palestine to immediately implement and update their policies and procedures in accordance with the newly issued Anti-Money Laundering and Counter-Terrorist Financing Instructions No. 4 of 2022. The circular mandates compliance with the National Committee’s updated regulatory framework, which was published in Official Gazette No. 198 and supersedes prior instructions as stipulated in Article 38. Payment service providers must align their operational guidelines with these updated requirements to ensure full regulatory adherence effective upon issuance.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (33 / 2023) To all payment service companies operating in Palestine Date: Wednesday, 08 February, 2023
Subject: Anti-Money Laundering and Counter-Terrorist Financing Instructions No. (4) of 2022
Attached herewith are the Anti-Money Laundering and Counter-Terrorist Financing Instructions No. (4) of 2022, issued by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing and published in Official Gazette No. (198) regarding anti-money laundering and counter-terrorist financing for financial institutions. Accordingly, immediate measures are requested to implement the provisions and requirements of the aforementioned instructions, and to update policies and operating procedures in accordance therewith.
Furthermore, the previous instructions issued by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing are hereby repealed, as specified in Article (38) of the aforementioned instructions.
Supervision Group [Signature] Palestine Monetary Authority
Copy to: The respected Financial Monitoring Unit
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487