Regulatory Alerts2019-01-01
Circular No. 253: Internal Audit on the Anti-Money Laundering and Counter-Terrorist Financing Environment
The Palestine Monetary Authority mandates that all banks operating in Palestine incorporate comprehensive assessments of their anti-money laundering and counter-terrorist financing environments into future internal audit plans. These audits must evaluate the effectiveness of AML/CFT policies, risk-based approaches, staff training, transaction monitoring systems, record retention practices, and the remediation of prior audit deficiencies. Additionally, banks are required to submit their most recent internal audit report on AML/CFT to the Authority within one week to verify the adequacy of their compliance functions and monitoring procedures.
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