Regulatory Alerts2019-01-01
Circular No. (249) of 2019 Regarding the Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. 249 of 2019 mandating all operating banks to strictly identify, assess, and mitigate money laundering and terrorist financing risks associated with new financial products, services, or technologies prior to launch. The directive requires banks to implement robust internal controls aligned with FATF Recommendation 15 and fully comply with PMA Instructions No. 1 of 2017 regarding financial products. Banks must additionally submit documented evidence of compliance with these risk management measures to the Authority.
Share