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.
Palestine Monetary Authority
Circular No. 20/2023 To all Money Exchangers operating in Palestine Date: Monday, January 30, 2023
Subject: Guideline on the Ultimate Beneficial Owner of Legal Entities
Attached is the approved Guideline concerning the Ultimate Beneficial Owner of Legal Entities and legal arrangements, issued by the National Committee for Combating Money Laundering and Terrorist Financing.
Accordingly, it is requested to take the necessary measures regarding this matter, including informing and training relevant staff on the requirements for identifying the Ultimate Beneficial Owner of Legal Entities and the associated legal arrangements.
Supervisory Group Palestine Monetary Authority
Copy to: The respected Financial Monitoring Unit