Regulatory Alerts2019-01-01
Circular No. 192 (2019): Precautions Against a Criminal Fraud Modus Operandi
The Palestine Monetary Authority issued Circular No. 192 (2019) directing all licensed money exchange companies in Palestine to implement strict operational precautions against a criminal fraud modus operandi targeting citizens through fake prize and donation scams. The directive mandates that firms enhance customer awareness of such scams, instruct remittance staff to verify the purpose and financial relationship behind every transfer, and distribute internal awareness bulletins across all branches. Furthermore, companies are required to immediately report any suspected fraudulent activities to the Financial Monitoring Unit to mitigate risks and protect consumers.
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