Regulatory Alerts2019-01-01
Circular No. 251/2019: Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. 251/2019 to mandate that all banks operating in Palestine identify and assess all risks, including money laundering and terrorist financing, linked to new financial services, products, or technologies before launch or modification. The directive requires institutions to establish appropriate controls and mitigation measures for these risks while strictly adhering to Instructions No. (1) of 2017 concerning financial and banking products. Additionally, banks must report to the Authority to facilitate compliance with these risk management protocols in alignment with FATF Recommendation 15 on emerging technologies.
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