Regulatory Alerts2023-01-01
Circular No. 65 Virtual Assets and Currencies
The Palestine Monetary Authority issued Circular No. 65/2023 mandating all Palestinian banks to completely prohibit transactions with virtual assets and currencies. The directive requires banks to identify and block global platforms and payment processors facilitating such activities, implement system controls to detect and prevent related financial flows, and immediately report suspicious customer transactions to the Anti-Money Laundering and Counter-Terrorist Financing Department. Additionally, banks must educate staff and clients on the associated risks and submit a compliance report detailing their enforcement measures within one month of the circular's issuance.
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