Regulatory Alerts2016-01-01
Instructions No. 5 of 2016 Regarding Reporting of Remittance Transactions - Banks
The National Committee for Combating Money Laundering and Financing of Terrorism issued Instructions No. 5 of 2016 to mandate daily reporting of all incoming and outgoing remittance transactions to and from Palestine by all licensed Palestinian banks. The directive requires financial institutions to submit comprehensive transaction data to the Financial Monitoring Unit for any remittance equal to or exceeding 500 US dollars or its equivalent in other currencies, regardless of whether the transaction is processed directly by the bank or through a sub-agent. These reporting obligations supplement existing anti-money laundering and counter-terrorist financing procedures established under Instructions No. 2 of 2016 and take effect upon publication in the Official Gazette.