Regulatory Alerts2019-01-01
Instructions No. (15) of 2019 Concerning the Anti-Money Laundering and Counter-Terrorist Financing Function
The Palestine Monetary Authority issued Instructions No. (15) of 2019 to mandate that all licensed banks establish an independent Anti-Money Laundering and Counter-Terrorist Financing function reporting directly to the Board or its committees. The directive requires banks to implement risk-based controls, automated screening systems, and robust internal audit mechanisms while appointing qualified officers with specific academic and professional credentials. It further obligates financial institutions to maintain strict reporting protocols, conduct regular employee training, and submit detailed statistical and compliance data to regulatory and intelligence authorities.
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