Regulatory Alerts2020-01-01
Circular No. 203 (2020) - Measures to be Taken Regarding Persons Prohibited from Dealing
The Palestine Monetary Authority issued Circular No. 203 (2020) mandating all exchange companies operating in Palestine to immediately implement strict controls prohibiting transactions with individuals suspected of fraud, extortion, or other predicate money laundering offenses. The directive requires firms to disseminate prohibited person lists to staff, integrate them into automated accounting system alerts, verify all domestic and international transfers against local and international sanctions lists, and enhance employee due diligence training. Additionally, companies must fulfill mandatory reporting obligations under Decision-Law No. 20 of 2015 and notify the Authority in writing of any related operational incidents via the designated AML-CFT email.