Regulatory Alerts2020-01-01
Circular No. (2020/29) Regarding the Inquiry System for Establishments and Companies Registered with the Ministry of National Economy
The Palestine Monetary Authority mandates all operating banks to fully activate and integrate the Ministry of National Economy's inquiry system and the KYC Data Base for bank accounts into their customer onboarding and account update processes. Banks are required to grant appropriate access permissions to all relevant personnel, including branch staff, operations teams, and internal supervisory functions such as compliance, risk management, and internal audit. This directive aims to strengthen continuous customer identification, enhance risk assessment capabilities, and mitigate money laundering and terrorist financing risks across the Palestinian banking sector.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2020/29)
To all banks operating in Palestine
Date: Monday, January 27, 2020
Subject: Inquiry System for Establishments and Companies Registered with the Ministry of National Economy
Further to Palestine Monetary Authority Circulars No. (2019/177) and No. (2019/209) regarding the launch of the "Inquiry System for Establishments and Companies Registered with the Ministry of National Economy" and the "KYC Data Base for Bank Accounts", which enable banks to query data and assist in identification and verification procedures when opening and updating customer accounts, and in the Authority's commitment to ensuring banks utilize these two systems to continuously identify their customers and understand their associated risks, thereby mitigating money laundering and terrorist financing risks and other related risks; the Palestine Monetary Authority emphasizes the mandatory activation of these systems and their dissemination to relevant personnel, including branch staff, operations and facilities staff, and internal supervisory functions (AML/CFT, compliance monitoring, risk management, internal audit), by granting the necessary access permissions in accordance with the approved mechanism.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
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
Gaza - Palestine P.O. Box 4026
Tel: +970 8 2825713 | Fax: +970 8 2844487