Regulatory Alerts2017-01-01
Circular No. 158 of 2017 Regarding the Emphasis on Updating Data for Natural and Legal Person Accounts
The Palestine Monetary Authority issued Circular No. 158 of 2017 to reinforce compliance with anti-money laundering and counter-terrorist financing regulations. The Authority mandates all banks operating in Palestine to continuously update the data of their natural and legal person customers in accordance with specific national committee instructions. Banks are further required to submit weekly reports detailing the progress of these account updates, including counts of both updated and non-updated accounts.
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