Regulatory Alerts2020-01-01
Circular No. 85: Taking Precautions and Caution in Emergency Situations
The Palestine Monetary Authority issued Circular No. 85/2020 to all operating banks, mandating strict precautionary measures to prevent the exploitation of emergency situations for money laundering or terrorist financing. The directive requires financial institutions to maintain uninterrupted compliance operations and ensure full adherence to the Anti-Money Laundering and Counter-Terrorist Financing requirements established by Law Decree No. 20 of 2015 and its implementing regulations. Banks must implement enhanced vigilance protocols immediately to safeguard financial stability and mitigate emerging illicit finance risks during crises.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (85 / 2020)
To all banks operating in Palestine
Date: Thursday, March 26, 2020
Subject: Exercise Caution and Vigilance in Emergency Situations
In order to maintain financial stability and mitigate the risks of money laundering and terrorist financing in emergency situations, the Palestine Monetary Authority emphasizes the necessity of taking the following measures:
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Exercise caution and vigilance to ensure that current conditions are not exploited for money laundering or terrorist financing purposes.
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Ensure the continuity of staff efforts in combating money laundering and terrorist financing crimes to guarantee full compliance with the anti-money laundering and counter-terrorist financing requirements stipulated under Law Decree No. (20) of 2015 and its issued directives.
Supervision Group
Palestine Monetary Authority
Copy to: The Esteemed / Financial Follow-up Unit
Note:
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