Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (152/2022)

To all payment service companies in Palestine

Date: Thursday, July 07, 2022

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Subject: Principal and Sub-Agents of 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 requests taking the necessary measures, safeguards, and controls to comply with the following:

1. Prohibition of dealing with unlicensed financial institutions.
2. Inquiring about agents on the active restricted lists in Palestine upon contracting and periodically.
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 with agents specified under Instructions No. (5) of 2021.

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Supervision Group
Palestine Monetary Authority

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