Regulatory Alerts2023-01-01
Circular No. 6/2023: Guideline for Risk-Based Politically Exposed Persons
The Palestine Monetary Authority issued Circular No. 6/2023 to require all money changers operating in Palestine to implement the attached Guideline for Risk-Based Politically Exposed Persons. The directive mandates that money changers inform and train relevant staff on PEP identification requirements while applying enhanced due diligence to financial transactions conducted on behalf of these individuals. Compliance is further ensured through the Supervision Group's oversight and coordination with the Financial Monitoring Unit to standardize risk-based PEP management across the sector.
Palestine Monetary Authority
Circular No. 6/2023 To all money changers operating in Palestine Date: Monday, 30 January 2023
Subject: Guideline for Risk-Based Politically Exposed Persons
Attached is the approved Guideline issued by the National Committee for Combating Money Laundering and Terrorist Financing regarding Risk-Based Politically Exposed Persons.
Accordingly, money changers are requested to take the necessary measures, including informing and training relevant staff on the requirements for identifying Risk-Based Politically Exposed Persons and applying enhanced due diligence to financial transactions executed on their behalf.
Supervision Group Palestine Monetary Authority
Copy to: The respected Financial Monitoring Unit
www.pma.ps 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: