Regulatory Alerts2022-01-01
Circular No. 254: Fraudulent Modus Operandi
The Palestine Monetary Authority issued Circular No. 254/2022 to alert payment service providers about a fraudulent modus operandi targeting citizens through social media scams involving fake merchant payment requests and stolen OTP codes. The directive mandates companies to implement customer awareness campaigns, send free SMS transaction notifications, establish fraud reporting channels, and enforce strict compliance with Decision-Law No. 39 of 2022 by freezing fraudster accounts and blacklisting perpetrators. Additionally, payment service firms must monitor cross-regional e-wallet transfers between the West Bank and Gaza Strip and submit a compliance report detailing their implemented measures to the Authority’s AML/CFT department within one week.