Regulatory Alerts2019-01-01
Circular No. 252 (2019) - Payment - Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. 252 (2019) mandating all payment service companies in Palestine to implement strict risk management protocols for emerging financial products, services, and technologies. Institutions must proactively identify and report all associated risks, including money laundering and terrorist financing, prior to launching or modifying any offerings. Additionally, companies are required to establish appropriate mitigation controls and formally notify the Authority of their compliance with Circular No. 1 of 2017 regarding financial and banking products.
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