Regulatory Alerts2022-01-01
Decision No. (1) of 2022 - High-Risk and Increased Monitoring Jurisdictions
The Palestine Monetary Authority issued Circular No. 2022/63 to enforce the Financial Action Task Force (FATF) list of High-Risk and Increased Monitoring Jurisdictions by requiring payment service providers to integrate grey-list country deficiencies into their AML/CFT self-assessments and apply proportionate, risk-based enhanced due diligence. The directive mandates that compliance measures must not restrict financial access except for legally sanctioned entities, anonymous or shell bank accounts, or cases involving clear money laundering or terrorist financing indicators. Financial institutions are instructed to align their internal controls with FATF standards while maintaining operational continuity for legitimate customers.
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