Regulatory Alerts2022-01-01
Instructions No. (4) of 2022 on Combating Money Laundering and Terrorist Financing for Financial Institutions
The National Committee for Combating Money Laundering and Terrorist Financing issued Instructions No. (4) of 2022 to establish comprehensive anti-money laundering and counter-terrorist financing requirements for financial institutions in Palestine. The regulations mandate strict customer due diligence, including identity verification, beneficial ownership identification, and enhanced scrutiny for high-risk relationships and insurance products. Institutions are held ultimately responsible for compliance, even when relying on third parties, and must maintain continuous monitoring and record-keeping to ensure alignment with Law No. (39) of 2022.
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