Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2021/66)

To all banks operating in Palestine

Date: Tuesday, March 23, 2021

Subject: Risks Associated with Real Estate Payment Transactions

Continuing its commitment to safeguarding the stability and soundness of the banking sector and mitigating money laundering and terrorist financing risks, and with the aim of reducing risks associated with real estate payment transactions, the Authority reiterates the necessity of strict compliance with the following:

1. Continue applying the risk-based approach and taking into account risks and threats associated with the real estate sector when updating the Self-Assessment process for money laundering and terrorist financing risks, and establishing the necessary controls and measures to mitigate such risks.

2. Continue implementing enhanced due diligence measures towards customers and high-risk financial transactions, with the necessity of verifying the legitimacy of funds intended for real estate payments, obtaining supporting documentation for this purpose, not relying solely on documents clarifying the relationship between parties, and rejecting anonymous funds and deposits.

Supervision Department
Palestine Monetary Authority

Copy to: The Honorable Members of the National Committee for Combating Money Laundering and Terrorist Financing.
The Honorable Members of the Financial Monitoring Unit.

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Note: The original text is written in Arabic. It has been copied accurately as it appears in the image, preserving the original formatting (headings, lists, signature, copy, etc.). No content, comments, or translations have been added.

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Clarification Note (not part of the original text):
At the bottom of the page, contact information is provided:

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