Regulatory Alerts2023-01-01
Circular No. 31: Anti-Money Laundering and Counter-Terrorist Financing Instructions No. 4 of 2022
The Palestine Monetary Authority issues Circular No. 31/2023 to attach the Anti-Money Laundering and Counter-Terrorist Financing Instructions No. 4 of 2022, requiring all Palestinian banks to immediately implement its provisions and update their internal policies and procedures. The circular mandates that financial institutions align their operational frameworks with the newly published Official Gazette directives to ensure regulatory compliance. Furthermore, it formally repeals all preceding instructions issued by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing, as stipulated in Article 38 of the updated regulations.
Palestine Monetary Authority
Circular No. (31 / 2023) To all banks operating in Palestine Date: Wednesday, 08 February, 2023
Subject: Anti-Money Laundering and Counter-Terrorist Financing Instructions No. (4) of 2022
Attached are the Anti-Money Laundering and Counter-Terrorist Financing Instructions No. (4) of 2022, issued by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing and published in Official Gazette No. (198) regarding anti-money laundering and counter-terrorist financing for financial institutions. Accordingly, immediate measures are requested to implement the provisions and requirements of the aforementioned instructions, and to update policies and operational procedures in accordance with them.
Furthermore, the previous instructions issued by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing are hereby repealed, as specified in Article (38) of the aforementioned instructions.
Supervision Group Palestine Monetary Authority
Copy to: The respected Financial Follow-up Unit