Regulatory Alerts2019-01-01
Palestine Monetary Authority Circular No. 16/2019: Instructions on Politically Exposed Persons
The Palestine Monetary Authority issued Circular No. 16/2019 to enforce the National Committee for Combating Money Laundering and Terrorist Financing's Instructions No. 1 of 2018 regarding Politically Exposed Persons (PEPs). The directive mandates that all specialized lending institutions in Palestine implement strict risk-based due diligence, enhanced scrutiny, and senior management approval for relationships with PEPs and their associates. Banks are further required to submit quarterly Excel reports detailing PEP accounts and transactions to the AML-CFT department to ensure full regulatory compliance.
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