Regulatory Alerts2023-01-01
Lending-2023- Circular No. 34 Guideline on Reporting Suspicious Transactions and Activities
The Palestine Monetary Authority issued Circular No. 34 (2023) attaching the Guideline on Reporting Suspicious Transactions and Activities, mandating all lending institutions operating in Palestine to implement corresponding compliance measures. The directive requires institutions to train relevant personnel on suspicion indicators and internal reporting protocols while strengthening the monitoring of suspicious activities through defined indicators and scenarios. These actions are intended to enhance the quality and accuracy of reports submitted to the Financial Monitoring Unit.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (34 / 2023) To all lending institutions 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, the necessary measures are requested to be taken regarding this matter to improve the quality of reporting to the esteemed Financial Monitoring Unit, and to work on the following:
- Informing and training relevant employees on suspicion indicators and internal reporting requirements.
- Enhancing the monitoring of suspicious activities and transactions using specific indicators and scenarios.
Supervisory Group Palestine Monetary Authority
Copy: To the esteemed Financial Monitoring Unit
www.pma.ps Ramallah and 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 | Tel: +970 8 2825713 | Fax: +970 8 284447