Regulatory Alerts2022-01-01
Circular No. (2022/69) on High-Risk Jurisdictions and Jurisdictions Under Enhanced Follow-Up
The Palestine Monetary Authority issued Circular No. (2022/69) to direct all banks operating in Palestine to implement the requirements of Financial Follow-up Unit Decision No. (2022/1) regarding high-risk jurisdictions and those under enhanced follow-up as listed by the FATF. Banks are required to incorporate concerns about deficiencies in AML/CFT systems of gray-listed countries into their self-assessments and apply a risk-based approach with enhanced due diligence where high risks are identified. The circular explicitly prohibits blanket restrictions on financial access for specific groups, allowing prohibitions only for unidentified persons, those using fictitious names, or those linked to money laundering or terrorist financing indicators.