Circular No. 152/2022: Principal and Sub-Agents for Payment Service Companies

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PALESTINE MONETARY AUTHORITY

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

Subject: Principal and Sub-Agents for Payment Service Companies

In order to ensure the safety of payment service companies and mitigate the risks of money laundering and terrorist financing, 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 currently enforced blocking lists in Palestine upon contracting and on a periodic basis.
3. Registering agents on payment systems according to the trade name and personal ID number/registration number recorded in the identity proof 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 Instructions No. (5) of 2021.

Supervisory Group
Palestine Monetary Authority

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

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