Regulatory Alerts2020-01-01
Circular No. 157: Fraudulent Methods
The Palestine Monetary Authority issued Circular No. 157/2020 to alert money transfer companies about emerging fraudulent schemes targeting citizens through social media and messaging platforms. The circular mandates enhanced due diligence, customer awareness campaigns, staff training, and strict adherence to reporting obligations under anti-money laundering regulations. Companies are required to report all operational incidents related to citizen fraud to the Authority's AML-CFT department via email, regardless of whether the transfer was completed.
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