Regulatory Alerts2026-02-19
Added
Circular No. 7 High-Risk Countries and Countries Under Enhanced Monitoring
The Palestine Monetary Authority requires all payment service companies to implement the Financial Follow-Up Unit's Decision No. (2026/1), which updates the lists of high-risk (blacklist) and countries under enhanced monitoring (greylist) jurisdictions. Entities must apply enhanced due diligence measures, targeted financial sanctions, and risk-based approaches for transactions involving North Korea, Iran, and Myanmar, while also considering deficiencies in AML/CFT systems for greylisted nations during self-assessments. The decision mandates specific prohibitions on establishing branches or correspondent banking relationships with blacklisted countries and requires immediate reporting of suspicious activities.