Regulatory Alerts2019-01-01
Circular No. 1 Cash Deposits
The Palestine Monetary Authority issued Circular No. 1/2019 mandating all Palestinian banks to strengthen supervisory controls and due diligence procedures in response to Israel's new cash usage reduction law. The directive requires financial institutions to implement automated AML/CTF reporting systems, verify customer identities and risk profiles, and conduct enhanced due diligence to document the sources of all cash deposits. Furthermore, banks must continuously monitor cash deposit volumes and establish internal procedures to reject deposits that negatively impact liquidity or pose potential financial risks.
Share