Regulatory Alerts2022-01-01
Circular No. 95/2022: Linking and Inquiry of Natural Customer Identity on the Civil Registry
The Palestine Monetary Authority issued Circular No. 95/2022 mandating all licensed payment service companies in Palestine to integrate with the Ministry of Interior's Civil Registry to verify natural customer identities and basic data. The directive requires companies to obtain explicit customer consent, restrict system access to authorized operations and compliance staff, and implement strict monitoring and reporting protocols for any misuse or fraudulent activity. Additionally, the circular establishes a fee structure of one shekel during a trial period until June 30, 2022, and three shekels thereafter, while explicitly prohibiting the passing of these costs to end customers.
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