Regulatory Alerts2023-01-01
Circular No. 17 Guideline on the Ultimate Beneficial Owner of Legal Entities
The Palestine Monetary Authority issues Circular No. 17/2023 to attach the approved Guideline on the Ultimate Beneficial Owner of Legal Entities and legal arrangements. The directive mandates all operating banks to implement necessary compliance measures, specifically requiring them to inform and train relevant staff on the identification requirements for ultimate beneficial owners. This obligation ensures consistent application of anti-money laundering and counter-terrorist financing standards across the banking sector.
Share