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.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (18 / 2023) To all lending institutions operating in Palestine Date: Monday, January 30, 2023
Subject: Guideline on the Beneficial Owner of Legal Persons
Attached is the Guideline approved by the National Committee for Combating Money Laundering and Terrorist Financing regarding the Beneficial Owner of Legal Persons and Legal Arrangements.
Accordingly, the necessary measures are requested to be taken in this regard, including informing and training relevant staff on the requirements for identifying the Beneficial Owner of Legal Persons and Legal Arrangements.
Supervisory Group Palestine Monetary Authority
Copy: To the esteemed Financial Monitoring Unit