Regulatory Alerts2022-01-01
Circular No. 07/2022: Caution Regarding a Criminal Modus Operandi
The Palestine Monetary Authority issued Circular No. 07/2022 to warn money changers about the "inheritance scam," a fraud scheme where criminals impersonate legal or banking officials to solicit personal documents and fees from victims under the false promise of sharing a wealthy relative's estate. The circular mandates that money changers immediately educate clients on these risks, publicly disseminate warnings across their offices and social media channels, and strictly enforce the preventive controls established in Circulars No. 157/2020 and No. 203/2020. By implementing these measures, institutions can mitigate exposure to money laundering predicate offenses and protect Palestinian citizens from financial exploitation and data theft.
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