Regulatory Alerts2021-01-01
Circular No. 152: Principal and Sub-Agents of Payment Service Companies
The Palestine Monetary Authority issued Circular No. 152/2022 mandating payment service companies to implement strict controls to mitigate money laundering and terrorist financing risks. The directive requires firms to prohibit dealings with unlicensed financial institutions, verify agents against active restricted lists upon onboarding and periodically, and register them using official trade names and identification numbers. Additionally, companies must update agent records annually, adopt standardized work classifications for system registration, and adhere to contracting requirements outlined in Instructions No. (5) of 2021.
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