Regulatory Alerts2016-01-01
Instructions No. (2) of 2016 on Combating Money Laundering and Terrorist Financing for Banks
The National Committee for Combating Money Laundering and Terrorist Financing issued Instructions No. (2) of 2016 to mandate strict anti-money laundering and counter-terrorist financing compliance for all banks operating in Palestine. The regulations require comprehensive customer due diligence, risk-based client classification, enhanced scrutiny for politically exposed persons, and mandatory reporting of suspicious or high-value transactions exceeding $5,000 to the Financial Monitoring Unit. Additionally, banks must maintain detailed records for at least ten years, appoint independent compliance officers, implement robust internal controls, and immediately freeze assets linked to UN Security Council sanctions lists.
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