Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (252/2019)

To all payment service companies in Palestine Date: Monday, October 28, 2019

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Subject: Risks of New Services and Products

In order to maintain financial stability, limit money laundering and terrorist financing risks in financial services and products, and align with the requirements of Recommendation 15 of the Financial Action Task Force (FATF) regarding new technologies, we emphasize the necessity of:

Full Compliance with the Following:

1. Identify and assess all risks associated with the new service, product, or technology, including money laundering and terrorist financing risks, prior to launching or introducing any new financial product or service and/or using new technologies or modifying and developing existing products and services.

2. Establish necessary controls and measures to manage and mitigate those risks.

3. Fully comply with the provisions of Instructions No. (1) of 2017 concerning financial and banking products, and provide the Palestine Monetary Authority with evidence of compliance with the above items.

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Supervision and Inspection Department Palestine Monetary Authority

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