Regulatory Alerts2020-01-01
Circular No. 128/2020: Outputs of the Assessment of the Non-Profit Organizations Sector in Palestine
The Palestine Monetary Authority issued Circular No. 128/2020 to enforce enhanced anti-money laundering and counter-terrorist financing controls on non-profit organizations following a national risk assessment. The directive mandates strict account opening procedures, prohibits electronic fund movement services, and requires enhanced due diligence for high-risk entities identified by specific financial or operational criteria. Banks are further instructed to verify organizational legitimacy against government databases and ensure compliance with 2016 Cabinet resolutions regarding the receipt of donations and grants.
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