Regulatory Alerts2019-01-13
Added · Updated
Circular No. 17/2019: Instructions on Politically Exposed Persons
The Palestine Monetary Authority issued Circular No. 17/2019 to enforce the National Committee for Combating Money Laundering and Terrorist Financing's Instructions No. 1/2018 regarding Politically Exposed Persons (PEPs). The directive mandates that financial institutions and designated non-financial businesses implement risk-based approaches, enhanced due diligence, and senior management approval for PEP relationships. Additionally, banks are required to submit quarterly Excel reports detailing PEP accounts and transactions to the AML-CFT department by the fifth working day following each quarter.