Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2019/ 252)

To all payment service companies in Palestine
Date: Monday, October 28, 2019

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Subject: Risks of New Services and Products

In order to maintain financial stability, limit the risks of money laundering and terrorist financing in financial services and products, and align with the requirements of Recommendation 15 of the Financial Action Task Force (FATF) regarding new technologies, we emphasize the strict compliance with the following:

1. Identify and report all risks associated with the new service, product, or technology, including money laundering and terrorist financing risks, prior to launching or introducing any new financial product or service and/or using new technologies or modifying and developing previous products and services.

2. Work on establishing the necessary controls and measures to manage and mitigate those risks.

3. Strictly comply with the provisions of Circular No. (1) of 2017 regarding financial and banking products, and submit a report to the Palestine Monetary Authority confirming the implementation of the aforementioned items.

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Supervision and Inspection Department
Palestine Monetary Authority

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www.pma.ps

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Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps

Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Tel: +970 8 2825713 | Fax: +970 8 2844487