Regulatory Alerts2017-01-01
Circular No. (19) of 2017 Concerning Money Laundering and Terrorist Financing Risks
The Palestine Monetary Authority requires all Palestinian banks to fully comply with Law Decree No. (20) of 2015, Presidential Decree No. (14) of 2015, and National Committee directives to safeguard the banking sector from money laundering and terrorist financing risks. Financial institutions must strictly adhere to Financial Action Task Force standards and enforce all United Nations Security Council freezing and sanctions lists. Banks are also obligated to verify and respect local sanction lists of foreign jurisdictions when executing financial transactions with correspondent banks in those countries.
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