Regulatory Alerts2019-01-01
Circular No. 261 Bank Employees' Accounts
The Palestine Monetary Authority issued Circular No. 261/2019 mandating all Palestinian banks to implement strict monitoring and auditing procedures for employees' bank accounts to prevent misuse and safeguard the sector's integrity. The directive requires banks to verify the purpose of checkbook issuances, screen employees against returned cheque systems, and rigorously review transaction patterns against income levels to detect unusual or third-party-directed activities. Additionally, banks must reinforce internal controls, enforce disciplinary actions for compliance breaches, and report any violations to the Authority and relevant competent authorities.
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