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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (152/2022)
To all payment service companies in Palestine
Date: Thursday, July 07, 2022
Subject: Principal and Sub-Agents of Payment Service Companies
In order to ensure the safety of payment service companies and mitigate the risks of money laundering and terrorist financing, as well as any potential risks, the Authority requests taking the necessary measures, safeguards, and controls to comply with the following:
- Prohibition of dealing with unlicensed financial institutions.
- Inquiring about agents on the active restricted lists in Palestine upon contracting and periodically.
- Registering agents on payment systems according to the trade name and personal ID number/registration number recorded in the identity proof document and registration and licensing certificates issued by competent authorities.
- Updating agent names and data on the systems annually.
- Adopting standardized classifications for the nature of agents' work for registration on payment systems.
- Contracting requirements with agents specified under Instructions No. (5) of 2021.
Supervision Group Palestine Monetary Authority
Note: Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 | P.O. Box - Ramallah & Al-Bireh Governorate info@pma.ps | Fax: +970 2 2415310 | Fax: +970 2 2415251 | Phone: Gaza - Palestine P.O. Box 4026 | P.O. Box - Gaza - Palestine Fax: +970 8 2844487 | Fax: +970 8 2825713 | Phone: www.pma.ps