Regulatory Alerts2020-06-16
Added · Updated
Circular No. 128/2020: Outputs of the Assessment of the Non-Profit Organizations Sector in Palestine
The Palestinian Monetary Authority mandates banks to implement enhanced due diligence and specific operational controls for non-profit organizations (NPOs) based on a national risk assessment that identified high vulnerability to money laundering and terrorist financing. Banks must restrict NPOs to a single primary account, prohibit electronic payment services such as credit cards and mobile banking, and ban cash withdrawals except for petty cash needs. High-risk NPOs, defined by criteria including foreign branches in high-risk jurisdictions, annual revenues exceeding $100,000, or specific service activities, require enhanced scrutiny, while all NPOs are prohibited from executing international transfers without prior regulatory approval.