Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

(2017/29) Circular No.
To all banks operating in Palestine
Date: Tuesday, 14 February 2017

Subject: Update of Account Data for Natural and Legal Persons

Further to the Anti-Money Laundering and Combating the Financing of Terrorism Instructions for Banks issued under our Circular No. (2016/105) dated 15/06/2016, we emphasize the necessity of complying with the provisions of Clause (8) of Article (5) of the aforementioned Instructions regarding the update of data required under Article (5) of the Instructions. This includes providing supporting documents annually for legal persons, including charitable associations, civil organizations, and non-profit entities, and every two years for natural persons. Banks must initiate the necessary procedures to implement the data update process, bearing in mind that updates must be conducted in all cases if there is doubt regarding the accuracy of the obtained information, in accordance with the principle of customer risk-based classification.

Deputy Governor for Financial Stability

Copy: To the respected Financial Monitoring Unit.

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Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 Email: info@pma.ps www.pma.ps Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 Email: info@pma.ps