Regulatory Alerts2023-01-01
Circular No. 15/2023 - Guideline for Politically Exposed Persons (PEPs)
The Palestine Monetary Authority issued Circular No. 15/2023 to mandate compliance with the National Committee for Combating Money Laundering and Terror Financing's Guideline on Politically Exposed Persons (PEPs). Payment service companies operating in Palestine must implement enhanced due diligence procedures for all financial transactions conducted on behalf of PEPs. Additionally, institutions are required to promptly inform and train relevant staff on PEP identification requirements and corresponding regulatory obligations.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (15 / 2023) To all payment service companies operating in Palestine Date: Monday, January 30, 2023
Subject: Guideline for Politically Exposed Persons (PEPs)
Attached is the Guideline approved by the National Committee for Combating Money Laundering and Terror Financing regarding Politically Exposed Persons (PEPs).
Accordingly, the necessary measures are requested to be taken, including informing and training relevant employees on the requirements for identifying Politically Exposed Persons (PEPs) and implementing enhanced due diligence measures regarding financial transactions executed on their behalf.
Supervisory Group Palestine Monetary Authority
Copy: The respected Financial Monitoring Unit