Regulatory Alerts2022-01-01
Instructions No. 2 of 2022 Regarding the Issuance and Receipt of Financial Transfers - Payment Companies
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 risk-based due diligence, accurate originator and beneficiary data transmission, and comprehensive record-keeping to mitigate money laundering and terrorist financing risks. Additionally, the instructions enforce targeted financial sanctions, prohibit unlicensed money transfer services, and establish specific compliance obligations for intermediary and beneficiary institutions.
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