Regulatory Alerts2023-01-01
Circular No. 36 (2023) - Guideline on Reporting Suspicious Transactions and Activities
The Palestine Monetary Authority issued Circular No. 36/2023 to mandate that all exchange houses operating in Palestine implement specific measures for reporting suspicious transactions and activities. The directive requires these institutions to train relevant staff on internal reporting requirements and suspicious indicators, while simultaneously enhancing monitoring through defined scenarios. These measures aim to improve the overall quality of reports submitted to the Financial Monitoring Unit.
Palestine Monetary Authority
Circular No. 36/2023 To all Exchange Houses operating in Palestine Date: Wednesday, 08 February 2023
Subject: Guideline on Reporting Suspicious Transactions and Activities
Attached is the Guideline on Reporting Suspicious Transactions and Activities. Accordingly, necessary actions are requested to improve the quality of reports submitted to the Financial Monitoring Unit, and to work on the following:
- Informing and training relevant employees on suspicious indicators and internal reporting requirements.
- Enhancing the monitoring of suspicious activities and transactions using specific indicators and scenarios.
Supervision Group Palestine Monetary Authority
Copy to: The Esteemed Financial Monitoring Unit