Regulatory Alerts2023-01-01
Circular No. 13 Guideline for Risk-Based Politically Exposed Persons
The Palestine Monetary Authority issued Circular No. 13 / 2023 to attach the approved Guideline for Risk-Based Politically Exposed Persons. The circular mandates all banks operating in Palestine to implement necessary measures, including informing and training relevant staff on PEP identification requirements. Furthermore, banks must apply enhanced due diligence measures to all financial transactions executed on behalf of these identified individuals.
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Palestine Monetary Authority
Circular No. ( 13 / 2023 ) To all banks operating in Palestine Date: Monday, January 30, 2023
Subject: The Guideline for Risk-Based Politically Exposed Persons
Attached is the Guideline approved by the National Committee for Combating Money Laundering and Terrorist Financing regarding Risk-Based Politically Exposed Persons.
Accordingly, it is requested to take the necessary measures regarding this matter, including informing and training relevant employees on the requirements for identifying Risk-Based Politically Exposed Persons and applying enhanced due diligence measures to financial transactions executed on their behalf.
Supervision Group Palestine Monetary Authority
Copy to: The Financial Monitoring Unit