Regulatory Alerts2022-01-01
Circular No. 152/2022: Principal and Sub-Agents for Payment Service Companies
The Palestine Monetary Authority issued Circular No. 152/2022 to mandate strict compliance measures for payment service companies regarding the onboarding and management of principal and sub-agents. The directive requires companies to prohibit dealings with unlicensed financial institutions, screen all agents against current national blocking lists upon engagement and periodically, and register them using verified trade names and official identification or registration numbers. Additionally, payment service providers must update agent records annually, adopt standardized classifications for agent activities, and adhere to the specific contracting requirements outlined in PMA Instructions No. 5 of 2021.
Share