Regulatory Alerts2020-10-22
Added · Updated
Circular No. 203 of 2020 Regarding Measures to Be Taken Against Persons Prohibited from Dealing
The Palestine Monetary Authority mandates all exchange companies operating in Palestine to immediately implement measures preventing transactions with individuals prohibited from dealing due to involvement in predicate crimes such as fraud and extortion. Companies are required to distribute prohibited person names to staff, integrate these names into internal sanction and freeze lists within their accounting systems to trigger automatic alerts, and verify all domestic and international remittances against these lists before execution. Additionally, firms must enhance employee training on due diligence and money laundering risks, report operational events related to these crimes to the AML-CFT department via email, and comply with reporting obligations under Law No. 20 of 2015.