Regulatory Alerts2022-01-01
Circular No. 253: Fraudulent Technique
The Palestine Monetary Authority issued Circular No. 253/2022 to alert banks to a fraudulent technique where scammers impersonate merchants on social media and exploit e-wallet OTP verification codes to steal customer funds. The circular mandates that banks implement customer awareness campaigns, send free SMS notifications for e-wallet transactions, establish fraud reporting channels, and take legal action against perpetrators under Decision-Law No. 39 of 2022. Additionally, banks must freeze fraudulent accounts, monitor cross-regional e-wallet transfers, and report compliance measures to the AML/CFT department within one week.
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