Regulatory Alerts2023-01-01
Lending-2023- Circular No. 18: Guideline on the Beneficial Owner of Legal Persons
The Palestine Monetary Authority issued Circular No. 18 (2023) to mandate all lending institutions operating in Palestine to implement the approved Guideline on identifying the Beneficial Owner of Legal Persons and Legal Arrangements. The circular requires institutions to take necessary compliance measures, including training and informing relevant staff on the specific identification requirements and legal arrangements outlined in the guideline. This directive aligns domestic lending practices with the standards set by the National Committee for Combating Money Laundering and Terrorist Financing to enhance anti-money laundering and counter-terrorist financing controls.
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