Regulatory Alerts2026-01-01
Guidance Manual for Money Changers on Combating Money Laundering
The Palestine Monetary Authority issued this 2014 guidance manual to establish a comprehensive regulatory framework for money changers, mandating strict adherence to Know Your Customer (KYC) protocols, enhanced due diligence, and robust record-keeping to mitigate money laundering risks. The document outlines specific operational procedures for processing outgoing and incoming transfers, purchasing checks, and executing currency transactions, while defining predicate offenses and detailing 19 key suspicion indicators that trigger enhanced monitoring. Furthermore, it requires money changers to strengthen internal controls through qualified compliance officers, continuous staff training, periodic reporting to the regulator, and mandatory document retention for at least ten years to ensure financial stability and legal accountability.