Regulatory Alerts2023-01-01
Circular No. 32 (2023) - Payment Sector Guideline on Reporting Suspicious Transactions and Activities
The Palestine Monetary Authority issued Circular No. 32/2023, attaching the Guideline on Reporting Suspicious Transactions and Activities to all payment service companies operating in Palestine. The circular mandates these entities to implement necessary measures that improve the quality of reports submitted to the Financial Monitoring Unit. Specifically, payment service companies must train relevant staff on suspicious indicators and internal reporting requirements while enhancing the monitoring of suspicious activities and transactions through defined indicators and scenarios.
Palestine Monetary Authority
Circular No. 32/2023 To all payment service companies operating in Palestine Date: Wednesday, 8 February 2023
Subject: Guideline on Reporting Suspicious Transactions and Activities
Attached is the Guideline on Reporting Suspicious Transactions and Activities. Accordingly, the necessary measures are requested to be taken regarding this matter, in order to improve the quality of reports submitted to the Financial Monitoring Unit, and to work on the following:
- Informing and training relevant employees on suspicious indicators and internal reporting requirements.
- Enhancing the monitoring of suspicious activities and transactions using specific indicators and scenarios.
Supervision Group Palestine Monetary Authority
Copy to: The Financial Monitoring Unit
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Telephone: +970 2 2415251 | Tel: +970 2 2415310 | Fax: info@pma.ps Gaza - Palestine P.O. Box 4026 Telephone: +970 8 2825713 | Tel: +970 8 2844487 | Fax: