Regulatory Alerts2023-01-01
Circular No. 20/2023 – Guideline on the Ultimate Beneficial Owner of Legal Entities
The Palestine Monetary Authority issued Circular No. 20/2023 to require all money exchangers operating in Palestine to implement the approved Guideline on the Ultimate Beneficial Owner of Legal Entities and its legal arrangements. The directive mandates that money exchangers take necessary compliance measures, specifically by informing and training relevant staff on the identification requirements for beneficial owners. This circular ensures alignment with the National Committee for Combating Money Laundering and Terrorist Financing standards through direct implementation and staff capacity building.
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