RegAlert2023-03-15
Added · Updated
Circular No. 65 Virtual Assets and Currencies
The Palestine Monetary Authority issued Circular No. 65/2023 mandating all Palestinian banks to completely prohibit transactions with virtual assets and currencies. The directive requires banks to identify and block global platforms and payment processors facilitating such activities, implement system controls to detect and prevent related financial flows, and immediately report suspicious customer transactions to the Anti-Money Laundering and Counter-Terrorist Financing Department. Additionally, banks must educate staff and clients on the associated risks and submit a compliance report detailing their enforcement measures within one month of the circular's issuance.
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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. ( 65 / 2023 )
To all banks operating in Palestine
Date: Wednesday, March 15, 2023
Subject: Virtual Assets and Currencies
Pursuant to Article (14) of Law Decree No. (41) of 2022 concerning National Payments, all banks are required to fully comply with the following:
- Identify global online stores and platforms dealing in virtual assets or providing virtual asset services for the purpose of prohibiting transactions with them, including coordinating with global electronic payment card service companies (Visa & MasterCard) and remittance service providers.
- Implement controls on banking systems, financial transfer systems, and bank cards to detect and prevent the execution of any financial transactions related to dealing in virtual assets and currencies, including prohibiting the execution of any payment or receipt transactions with merchants, online platforms, or point-of-sale terminals classified as providing virtual asset and currency services.
- Immediately notify our Anti-Money Laundering and Counter-Terrorist Financing Department with the details of customers suspected of dealing in virtual assets.
- Raise awareness among employees and customers regarding the risks of using bank accounts and banking products to execute transactions related to virtual assets or to operate as a provider of virtual asset services.
- Provide us within one month from the date of this circular with the measures taken to comply with the prohibition on dealing in virtual assets.
We reaffirm that the Palestine Monetary Authority will not tolerate and will take deterrent legal action against violators.
Supervision Group
Palestine Monetary Authority
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Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | Tel: info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487 | Tel:
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Lineage: In force
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