Regulatory Alerts2019-01-01
Circular No. 256/2019: Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. 256/2019 requiring all specialized lending institutions in Palestine to fully identify, assess, and mitigate money laundering and terrorist financing risks associated with new or modified financial services, products, and technologies prior to launch. Institutions must implement appropriate controls to manage these risks and ensure strict compliance with Financial Action Task Force Recommendation 15 and PMA Instruction No. 1 of 2017. Furthermore, regulated entities are mandated to report proof of compliance with these risk management obligations directly to the Authority.
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