Regulatory Alerts2020-01-01
Circular No. 120: Reporting Suspicious Cases and Using the GoAML Program - Payments - 2020
The Palestine Monetary Authority issued Circular No. 120 (2020/120) mandating all payment service companies in Palestine to strictly comply with immediate suspicious activity reporting and mandatory registration with the Financial Intelligence Unit's GoAML system. The directive requires entities to establish direct system connectivity, utilize standardized reporting methodologies for money laundering and terrorist financing suspicions, and fully cooperate with data requests. Accompanying technical guidelines and reporting templates are provided to ensure confidential, rapid, and compliant submission of all suspicious transaction reports.
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