Regulatory Alerts2019-01-01
Circular No. 249: Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. 249/2019 mandating all Palestinian banks to identify, assess, and mitigate money laundering and terrorist financing risks linked to new financial products, services, or technologies prior to market launch. Banks must establish and implement necessary controls to manage these risks while strictly adhering to PMA Instructions No. 1 of 2017 concerning financial and banking products. Institutions are required to submit compliance evidence to the Authority to verify execution of these risk assessment and mitigation obligations.
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