Regulatory Alerts2019-01-01
Circular No. 206 of 2020 on Criminal Methods
The Palestine Monetary Authority issued Circular No. 206 of 2020 to mandate banks implement enhanced precautionary and protective measures against emerging fraud and extortion schemes targeting customers via social media and communication platforms. The circular outlines specific criminal tactics, including fake bank employee impersonation, frozen dollar scams, prize draw fraud, and blackmail, requiring banks to exercise strict due diligence, verify transfer purposes, and screen beneficiaries against internal and international sanctions lists. Banks are further instructed to conduct regular customer awareness campaigns, maintain internal suspect lists, report suspicious activities immediately to the AML-CFT department, and utilize certified currency counting machines.