Regulatory Alerts2019-01-01
Circular No. 192/2019: Caution Against a Criminal Fraud Modus Operandi
The Palestine Monetary Authority issued Circular No. 192/2019 to direct all licensed money exchange companies in Palestine to implement strict anti-fraud safeguards against a criminal modus operandi targeting citizens via deceptive phone calls and messages from abroad. The circular mandates that companies enhance customer awareness, instruct transfer staff to verify the purpose and relationship behind transactions, distribute internal awareness bulletins, and immediately report any suspected fraudulent schemes to the Financial Monitoring Unit. These measures aim to prevent financial losses and protect consumers from scams involving fake prize notifications, luxury car giveaways, and impersonation of wealthy donors.
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