Regulatory Alerts2022-01-01
Circular No. 260/2022 Social Media Pages
The Palestine Monetary Authority issued Circular No. 260/2022 requiring all licensed money exchange companies operating in Palestine to verify their official social media pages with a blue checkmark by the end of 2022. The circular mandates these companies to regularly educate the public about their official channels and financial services while warning against fraudulent impersonation pages that steal personal data or solicit unauthorized transactions. Additionally, firms must pursue legal action against impersonators by reporting them to the Public Prosecution's Cybercrime Unit and notifying the Authority's Anti-Money Laundering and Counter-Terrorist Financing Department.
PALESTINE MONETARY AUTHORITY
Circular No. (260/2022) To All Money Exchange Companies Operating in Palestine Date: Sunday, October 16, 2022
Subject: Social Media Pages
It has recently been observed that certain unknown individuals have created fake social media pages bearing the names of some financial institutions licensed by the Palestine Monetary Authority, particularly banks and money exchange companies; the objective of which is to defraud citizens, hack their personal and financial data, and steal their funds. These pages promote calls for social media users to disclose their personal and banking details to enter draws for cash and in-kind prizes, or encourage them to send small-amount external or rapid money transfers for the purpose of (buying so-called frozen dollars, or obtaining assistance in securing facilities and loans from entities not legally authorized to provide such services).
In our commitment to combating fraud and cybercrime, and to prevent clients and citizens from falling victim to these crimes, we emphasize the necessity of taking the following measures:
- Verify the social media pages of money exchange companies providing remittance services with the blue verification badge, to be completed no later than the end of the current year.
- Educate clients and the general public about the official page and the financial services offered by money exchange companies providing remittance services, as well as inform them about criminal methods, with such information to be published periodically via the money exchange company's social media channels.
- Take legal measures to combat these crimes; including reporting to the Public Prosecution's Cybercrime Unit any pages or links impersonating a money exchange company, and notifying our Anti-Money Laundering and Counter-Terrorist Financing Department accordingly.
Supervision Department Palestine Monetary Authority
www.pma.ps Ramallah and 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 2844447