Regulatory Alerts2025-01-01
Payment-2025- Circular No. 25 High-Risk Countries and Enhanced Follow-Up Countries
The Palestine Monetary Authority, via the Financial Follow-Up Unit's Decision No. 2025/3, mandates all financial institutions and designated non-financial businesses and professions in Palestine to apply enhanced risk-based measures toward high-risk (black list) and enhanced follow-up (grey list) countries. The circular requires institutions to incorporate identified AML/CFT deficiencies into their self-assessments, apply proportional due diligence based on risk analysis and customer profiles, and ensure uninterrupted humanitarian fund flows for Myanmar. Furthermore, it updates the grey list by removing South Africa, Mozambique, and Burkina Faso, while enforcing targeted financial sanctions, enhanced reporting mechanisms, and restrictions on correspondent banking and third-party reliance for North Korea, Iran, and Myanmar.