Regulatory Alerts2022-01-01
Circular No. 05/2022: Caution Regarding a Criminal Modus Operandi
The Palestine Monetary Authority issued Circular No. 05/2022 to alert all operating banks in Palestine about a criminal "inheritance scam" targeting citizens through social media and email impersonation. The circular mandates banks to educate customers on the scam's risks, disseminate warnings across their premises and official channels, and strictly implement the preventive controls outlined in Circular No. 2020/206. These measures aim to prevent fraud and money laundering predicate offenses by blocking the transfer of personal documents and fees to beneficiaries in South Africa, Thailand, and the Philippines under false pretenses of shared inheritance.
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