LogoRegulatory Alerts
2020-01-01

Added · Updated

Circular No. 203 of 2020 Regarding Measures to Be Taken Against Persons Prohibited from Dealing

The Palestine Monetary Authority issued Circular No. 203 of 2020 to all exchange companies operating in Palestine, mandating immediate measures to prevent transactions with individuals prohibited from dealing to mitigate money laundering and terrorist financing risks. The circular requires companies to disseminate prohibited person names to staff, integrate these names into internal sanction lists within accounting systems to trigger automatic alerts, and verify all transfers against local and international freeze lists before execution. Additionally, the Authority demands enhanced employee training on due diligence, mandatory reporting of suspicious events, and written notification of operational incidents related to these crimes via the designated AML-CFT email.

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Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2020/203)

To all exchange companies operating in Palestine Date: Thursday, October 22, 2020

Subject: Measures to be Taken Against Persons Prohibited from Dealing

In its endeavor to limit the risks of money laundering and terrorist financing, and in follow-up to circulars issued regarding criminal methods and circulars on taking preservation, caution, and precautionary measures to refrain from dealing with certain persons suspected of committing criminal methods (fraud, extortion) that fall under the primary crimes of money laundering as stipulated under Article (3) of the Decision-Law No. (20) of 2015 concerning the combating of money laundering and terrorist financing and its amendments, we hereby reiterate the necessity of taking immediate and sufficient measures and controls to refrain from dealing with these persons and/or executing financial transactions on their behalf, including:

  1. Disseminating the names of persons prohibited from dealing to the company's employees.
  2. Entering the data of persons prohibited from dealing into the company's internal sanction and freeze lists defined in the accounting system immediately upon receipt, and working to prepare the accounting system to issue automatic alerts that prevent the completion of any future financial transactions on behalf of these persons.
  3. Refraining from executing internal, external, and rapid money transfers before registering the transfers in the accounting system and automatically inquiring about the names of customers and beneficiaries of those transfers against the company's internal sanction lists and the local and international sanction and freeze lists in force in the State of Palestine.
  4. Enhancing and strengthening employees' capabilities in applying due diligence procedures to identify the financial relationship and the purpose of financial transfers, and taking the measures stipulated under Circular (2020/157), including raising awareness among employees and customers about the risks of criminal methods, and working to disseminate these methods within the company's premises and through the exchange company's social media channels.
  5. Taking the reporting obligations stipulated under the provisions of Decision-Law No. (20) of 2015 concerning the combating of money laundering and terrorist financing and the instructions issued pursuant thereto.
  6. Informing the Palestine Monetary Authority in writing of operational events related to those crimes, via the approved email address for the Anti-Money Laundering and Combating the Financing of Terrorism Department: AML-CFT@pma.ps

Supervision Group Palestine Monetary Authority

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