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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (192 / 2019)
To all money exchange companies operating in Palestine
Date: Thursday, August 01, 2019
Subject: Taking Precautions and Caution Regarding a Criminal Modus Operandi
The Palestine Monetary Authority urges money exchange companies to exercise caution and take precautions to avoid criminal activity involving fraud against citizens through receiving messages or calls from individuals residing outside the State of Palestine, urging them to send money transfers under the pretext of facilitating the delivery of prizes and allowances to them, claiming they have won financial amounts or luxury cars through certain programs, or using the names of Arab princes and wealthy individuals to collect donations and other false promises.
Highlighting the necessity of taking necessary measures to prevent customers from falling victim to this criminal method, including:
- Raising and enhancing customer awareness regarding the risks of fraud using communication channels, prizes, and other tools and methods.
- Directing remittance staff to inquire about the purpose of the transfers and the financial relationship between the sender and the recipient.
- Preparing awareness bulletins and distributing them to bank offices and branch headquarters.
- Reporting to the Financial Monitoring Unit upon discovering any similar criminal methods.
Supervision and Inspection Department
Palestine Monetary Authority
Copy: To the respected Financial Monitoring Unit.
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Tel: +970 8 2825713 | Fax: +970 8 2844487