Regulatory Alerts2022-01-01
Circular No. 07/2022: Caution Regarding a Criminal Scheme
The Palestine Monetary Authority issued Circular No. 07/2022 to alert money changers to the "inheritance scam," a criminal scheme where fraudsters impersonate foreign lawyers or bank employees to steal personal data and funds under the guise of processing wealthy deceased estates. The circular mandates that money changers proactively educate their clients about this specific fraud risk and disseminate warnings across their physical branches and official social media platforms. Additionally, it requires institutions to strictly enforce the preventive controls and procedures already established under Circulars No. 157/2020 and No. 203/2020 to mitigate money laundering predicate offenses.
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