Regulatory Alerts2022-01-01
Palestine Monetary Authority Instructions No. 9 of 2022 on the Issuance and Receipt of Financial Transfers
The Palestine Monetary Authority issued Instructions No. 9 of 2022 to regulate the issuance and receipt of financial transfers by licensed financial institutions and money value transfer service providers. The regulations mandate strict risk-based policies, comprehensive customer identification and verification procedures, and specific data requirements for cross-border transfers to mitigate money laundering and terrorist financing risks. Additionally, the instructions enforce targeted financial sanctions, define obligations for intermediary and beneficiary institutions, and prohibit unlicensed money transfer services.
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