Regulatory Alerts2022-01-01
Instructions No. (9) for Money Transmitters for 2022 Concerning the Issuance and Receipt of Money Transfers
The Palestine Monetary Authority issued Instructions No. (9) for 2022 to regulate the issuance and receipt of money transfers and mitigate associated money laundering and terrorist financing risks. The directives mandate licensed financial institutions and money transfer service providers to implement risk-based policies, maintain accurate originator and beneficiary data across payment chains, and apply simplified due diligence only with prior regulatory approval for transfers under USD 1,000. Additionally, the regulations enforce mandatory screening against UN and national sanctions lists, require strict record retention and electronic monitoring, and establish penalties for non-compliance effective immediately upon issuance.
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