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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (192 / 2019)
To all money exchange companies operating in Palestine
Date: Thursday, 01 August, 2019
Subject: Caution Against a Criminal Fraud Modus Operandi
The Palestine Monetary Authority urges money exchange companies to exercise caution and vigilance to avoid criminal activity involving the fraud of 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 cash awards 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 to take the required measures to prevent customers from falling victim to this criminal method, including:
- Raise and enhance customer awareness regarding the risks of fraud using communication channels, prizes, and other tools and methods.
- Instruct money transfer staff to inquire about the purpose of the transfers and the financial relationship between the sender and the recipient.
- Prepare awareness bulletins and distribute them to bank offices and branch headquarters.
- Notify the Financial Monitoring Unit upon discovering any similar criminal methods.
Supervision and Inspection Department
Palestine Monetary Authority
Copy: To the Respected Financial Monitoring Unit, 6th Copy.
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Phone: +970 8 2825713