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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2021/ 151) To all money changers operating in Palestine Date: Monday, April 26, 2021
Subject: Caution and Vigilance Against a Criminal Method
The Palestine Monetary Authority urges money changers to exercise caution and vigilance regarding a criminal method aimed at defrauding citizens and stealing their funds. This method involves citizens receiving SMS messages purportedly from the "Justice and Equality Group" urging them to send an international money transfer to a specific bank account (IBAN) under the pretext of supporting the poor.
Committed to combating criminal methods and protecting citizens' funds, the Authority emphasizes the necessity of:
- Raising customer awareness about this type of criminal method and its risks, and urging them not to fall victim to it, which includes distributing awareness brochures in money changer branches and via the money changer's social media channels.
- Urging customers to disclose the true purpose of the money transfers to the money transfer service staff at the money changer.
Monitoring Group Palestine Monetary Authority
Copy: To the esteemed Financial Monitoring Unit
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Tel: +970 8 2825713