Regulatory Alerts2018-01-01
Circular No. 177/2018: Mechanism for Reporting and Correspondence with the Financial Monitoring Unit
The Palestine Monetary Authority issued Circular No. 177/2018 mandating all foreign exchange dealers in Palestine to exclusively use the GoAML electronic platform for submitting suspicious activity reports and all official correspondence with the Financial Monitoring Unit, effective September 1, 2018. This directive enforces strict compliance with Articles 14 and 12 of the relevant anti-money laundering and terrorist financing laws to ensure reporting confidentiality and operational speed. The circular also provides a comprehensive step-by-step user guide detailing the registration process, login procedures, and field-by-field instructions for completing and submitting suspicious transaction reports within the GoAML system.
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