Regulatory Alerts2023-01-01
Circular No. 30: Guideline on Reporting Suspicious Transactions and Activities
The Palestine Monetary Authority issued Circular No. 30/2023 to mandate all banks operating in Palestine to adopt the attached Guideline on Reporting Suspicious Transactions and Activities. The directive requires financial institutions to train relevant personnel on suspicion indicators and internal reporting protocols, while simultaneously enhancing transaction monitoring through defined indicators and scenarios. These mandatory measures aim to directly improve the quality and effectiveness of suspicious activity reports submitted to the Financial Monitoring Unit.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (30 / 2023) To all banks operating in Palestine Date: Wednesday, February 08, 2023
Subject: Guideline on Reporting Suspicious Transactions and Activities
The Guideline on Reporting Suspicious Transactions and Activities is attached herewith. Accordingly, the necessary measures are requested to be taken regarding this matter, in order to improve the quality of reporting to the esteemed Financial Monitoring Unit, and to work on the following:
- Inform and train relevant employees on suspicion indicators and internal reporting requirements.
- Enhance the monitoring of suspicious activities and transactions using specific indicators and scenarios.
Supervision Group Palestine Monetary Authority
Copy to: The esteemed Financial Monitoring Unit
www.pma.ps 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 Tel: +970 8 2825713 | Fax: +970 8 2844487