Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

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Circular No. (152 / 2022)
To all payment service companies in Palestine
Date: Thursday, July 07, 2022

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Subject: Main and Sub-Agents for Payment Service Companies

In order to ensure the safety of payment service companies and mitigate money laundering and terrorist financing risks, as well as any potential risks, the Authority requires the implementation of necessary measures, safeguards, and controls to comply with the following:

1. Prohibition of dealing with unlicensed financial institutions.
2. Screening agents against active blocking lists in Palestine upon contracting and on a periodic basis.
3. Registering agents on payment systems according to their trade name and personal identification number/registration number as recorded in the identity document and registration and licensing certificates issued by competent authorities.
4. Updating agent names and data on the systems annually.
5. Adopting standardized classifications for the nature of agents' work for registration on payment systems.
6. Contracting requirements for agents as specified in Circular No. (5) of 2021.

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Supervision Group
Palestine Monetary Authority

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Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Ramallah & Al-Bireh Governorate - Palestine P.O. Box info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 Gaza - Palestine P.O. Box Fax: +970 8 2844487 | Tel: +970 8 2825713 www.pma.ps