Regulatory Alerts2021-01-01
Money Changers-2021- Circular No. 101: Caution and Vigilance Against a Criminal Method
The Palestine Monetary Authority issued Circular No. 101 to alert licensed money changers to a fraudulent SMS campaign impersonating the "Justice and Equality Group" and soliciting international transfers under the guise of poverty relief. The directive mandates that money changers actively educate customers about this scam and require them to disclose the true purpose of any international money transfers to service staff. These measures aim to prevent financial fraud, safeguard customer assets, and ensure compliance with anti-money laundering and consumer protection standards.
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