Regulatory Alerts2022-01-01
Circular No. 95: Regarding the Linkage and Inquiry of Natural Customer Identities on the Civil Registry
The Palestine Monetary Authority mandates all licensed payment service companies in Palestine to integrate with the Ministry of Interior's Civil Registry to verify customer identities and basic data during onboarding and whenever doubts arise. Companies must obtain explicit customer consent, restrict system access to compliance and operations personnel, and implement strict monitoring to prevent unauthorized data usage. The directive further establishes a monthly inquiry fee structure, requires immediate written reporting of fraud or misuse to the Authority's AML/CFT department, and explicitly prohibits passing inquiry costs to end customers.
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