Regulatory Alerts2019-01-01
Instructions No. 11 of 2019 Regarding the Amendment of Instructions No. 10 on the Anti-Money Laundering and Counter-Terrorism Financing Function
The Palestine Monetary Authority issued Instructions No. 11 of 2019 to amend Instructions No. 10 governing the Anti-Money Laundering and Counter-Terrorism Financing function. The amendments require banks to appoint an independent Manager-level officer to lead the function, with appointments subject to regulatory approval and the officer reporting directly to the Board of Directors or a compliance committee. Additionally, the revised rules mandate specialized professional certifications for the officer, enforce strict organizational independence from executive operations, and redefine internal audit scopes while explicitly prohibiting auditors from accessing suspicious transaction report data.
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