RegAlert2019-10-28
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Circular No. (256/2019) Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. (256/2019) to mandate that all specialized lending institutions in Palestine strictly identify, assess, and mitigate money laundering and terrorist financing risks associated with new financial services, products, or technologies before their launch or modification. The directive requires institutions to implement appropriate internal controls and fully comply with Instruction No. (1) of 2017 regarding financial and banking products. Furthermore, regulated entities must report to the Authority to demonstrate adherence to these risk management and compliance obligations.
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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (256/2019)
To all specialized lending institutions in Palestine Date: Monday, October 28, 2019
Subject: Risks of New Services and Products
In order for the Palestine Monetary Authority to maintain financial stability, and to mitigate the risks of money laundering and terrorist financing in financial services and products, and in alignment with the requirements of Recommendation (15) of the Financial Action Task Force (FATF) regarding new technologies, we emphasize the strict compliance with the following:
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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 previous products and services.
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Develop and implement the necessary controls and measures to manage and mitigate those risks.
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Strictly comply with the provisions of Instruction No. (1) of 2017 concerning financial and banking products, and provide the Palestine Monetary Authority with information demonstrating compliance with the aforementioned items.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Tel Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Tel www.pma.ps
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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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