Regulatory Alerts2022-01-01
Instructions No. 2 of 2022 Regarding the Issuance and Receipt of Money Transfers
The Palestine Monetary Authority issued Instructions No. 2 of 2022 to regulate the issuance and receipt of money transfers by licensed financial institutions and money value transfer service providers. The regulations mandate strict adherence to risk-based anti-money laundering and counter-terrorist financing procedures, including detailed identification requirements for originators and beneficiaries and specific record-keeping obligations. Additionally, the instructions enforce targeted financial sanctions, prohibit unlicensed money transfer services, and establish penalties for non-compliance.
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