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.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (17 / 2023) To all banks operating in Palestine Date: Monday, January 30, 2023
Subject: The Guideline on the Ultimate Beneficial Owner of Legal Entities
Attached is the Guideline approved by the National Committee for Combating Money Laundering and Terrorist Financing regarding the Ultimate Beneficial Owner of Legal Entities and legal arrangements.
Accordingly, it is requested to take the necessary measures regarding this matter, including informing and training relevant employees on the requirements for identifying the Ultimate Beneficial Owner of Legal Entities and legal arrangements.
Supervision Group Palestine Monetary Authority
Copy to: The respected Financial Monitoring Unit
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