Regulatory Alerts2023-01-01
Palestine Monetary Authority Circular No. 89 (2023): Customer Identification Data and Documents
The Palestine Monetary Authority issued Circular No. 89 (2023) to mandate that all banks operating in Palestine strictly comply with PMA Instruction No. (2009/8) and the National AML/CFT Committee Instruction No. (4) of 2022 regarding customer identification data and supporting documents. The circular specifies that banks must collect basic identity, economic activity, and contact information for natural persons, alongside verified supporting documents per Article 6. Furthermore, it directs banks to ensure their branches and offices cease imposing unjustified or unstated additional data and documents as mandatory conditions for establishing, maintaining, or delivering financial and banking services.
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