Regulatory Alerts2022-01-01
Palestine Monetary Authority Instructions No. 3 of 2022 Regarding the Issuance and Receipt of Financial Transfers
The Palestine Monetary Authority issued Instructions No. 3 of 2022 to regulate the issuance and receipt of financial transfers by licensed financial institutions and money transfer service providers. The regulations mandate strict adherence to risk-based policies, comprehensive customer identification and verification procedures, and the maintenance of accurate transaction data to mitigate money laundering and terrorist financing risks. Additionally, the instructions enforce targeted financial sanctions, require specific record-keeping standards, and establish penalties for non-compliance.
Share