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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (158/2017)
To all banks operating in Palestine
Date: Tuesday, August 01, 2017
Subject: Emphasis on Updating Data for Natural and Legal Person Accounts
With the aim of the Palestine Monetary Authority ensuring the safety and stability of the banking sector in Palestine, and shielding it from any risks related to money laundering and terrorist financing crimes, and within the framework of monitoring full compliance with the provisions of Law No. (20) of 2015 on combating money laundering and terrorist financing, and its amendments, and Presidential Decree No. (14) of 2015 regarding the implementation of Security Council resolutions and compliance with the provisions of instructions issued by the National Committee for Combating Money Laundering and Terrorist Financing, and any other instructions issued under prevailing laws, we emphasize the necessity to continue complying with the following:
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Updating the data of natural and legal person customers in accordance with the provisions of Item No. (8) of Article No. (5) of the instructions of the National Committee for Combating Money Laundering and Terrorist Financing No. (2) of 2016 regarding banks, and the requirements of Circular No. (29/2017).
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Providing us with a weekly report on the measures taken to complete the account updating process, including the number of updated accounts and non-updated accounts.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Telex: +970 2 2415250
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Telex: +970 8 2825292
Email: info@pma.ps