Regulatory Alerts2023-01-01
Lending-2023 Circular No. 14 Guideline for High-Risk Politically Exposed Persons
The Palestine Monetary Authority issued Circular No. 16/2023 to require all lending institutions operating in Palestine to implement the approved Guideline for High-Risk Politically Exposed Persons. Institutions must inform and train relevant staff on identification requirements and apply enhanced due diligence to financial transactions conducted for these individuals. This directive ensures consistent risk management practices across the lending sector by aligning operational procedures with national anti-money laundering standards.
Palestine Monetary Authority
Circular No. (16 / 2023) To all lending institutions operating in Palestine Date: Monday, January 30, 2023
Subject: Guideline for High-Risk Politically Exposed Persons
Attached is the Guideline approved by the National Committee for Combating Money Laundering and Terrorist Financing regarding High-Risk Politically Exposed Persons.
Accordingly, the necessary measures are requested, including informing and training relevant staff on the requirements for identifying High-Risk Politically Exposed Persons and applying enhanced due diligence measures to financial transactions executed on their behalf.
Supervision Group Palestine Monetary Authority
Copy to: The respected Financial Monitoring Unit
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487