Regulatory Alerts2019-01-01
Instructions No. 3 of 2019 on Specialized Professional Certifications
The Palestine Monetary Authority issued Instructions No. 3 of 2019 mandating that senior executives in key banking functions—including risk management, compliance, internal audit, treasury, finance, AML/CFT, and Sharia supervision—must obtain recognized specialized professional certifications. The directive requires licensed banks to submit a compliance roster and implementation timeline within one month, ensuring all targeted roles are filled by certified personnel by the end of 2020, with full operational compliance enforced from 2021. The appendix specifies acceptable issuing bodies and corresponding certifications, while allowing for periodic updates to reflect new international standards or institutional recommendations.
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