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.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (89 / 2023) To all banks operating in Palestine Date: Wednesday, April 19, 2023
Subject: Customer Identification Data and Documents
The Palestine Monetary Authority reaffirms the necessity for banks to comply with the requirements of PMA Instruction No. (2009/8) and the National Committee for Combating Money Laundering and Terrorist Financing Instruction No. (4) of 2022, and that the basic data for identifying and verifying natural person customers are as follows:
- The customer’s basic information according to the identity document (national ID card / passport for foreigners), their economic activity, and contact information.
- Obtaining supporting documents to verify the correctness and accuracy of the aforementioned information, in accordance with Article (6) of the referenced instructions.
Accordingly, banks must comply with the provisions of the aforementioned instructions and ensure that some branches and offices do not require customers to submit unjustified or unstated additional data and documents as a condition for considering requests to establish, continue, and/or provide financial and banking services on their behalf.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | Tel: info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487 | Tel: