Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2020/29)
To all banks operating in Palestine Date: Monday, January 27, 2020

---

Subject: Inquiry System for Establishments and Companies Registered with the Ministry of National Economy

Further to Palestine Monetary Authority Circulars No. (2019/177) and No. (2019/209) regarding the launch of the "Inquiry System for Establishments and Companies Registered with the Ministry of National Economy" and the "KYC Data Base for Bank Accounts", which enable banks to query data and assist in identification and verification procedures when opening and updating customer accounts, and in the Authority's commitment to ensuring banks utilize these two systems to continuously identify their customers and understand their associated risks, thereby mitigating money laundering and terrorist financing risks and other related risks; the Palestine Monetary Authority emphasizes the mandatory activation of these systems and their dissemination to relevant personnel, including branch staff, operations and facilities staff, and internal supervisory functions (AML/CFT, compliance monitoring, risk management, internal audit), by granting the necessary access permissions in accordance with the approved mechanism.

---

Supervision and Inspection Department Palestine Monetary Authority

---

www.pma.ps

Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 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 Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487