Regulatory Alerts2022-01-01
Palestine Monetary Authority Instructions No. 2 of 2022 on the Issuance and Receipt of Financial Transfers
The Palestine Monetary Authority issued Instructions No. 2 of 2022 to regulate the issuance and receipt of financial transfers by licensed financial institutions and money value transfer service providers. The regulations mandate strict customer due diligence, accurate data transmission for originators and beneficiaries, and comprehensive record-keeping to mitigate money laundering and terrorist financing risks. Additionally, the instructions enforce targeted financial sanctions, require simplified due diligence procedures under specific conditions, and establish penalties for non-compliance.
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