Regulatory Alerts2020-01-01
Circular No. 86/2020 - Exercise Caution in Emergency Situations
The Palestine Monetary Authority issued Circular No. 86/2020 to all banks in Palestine, mandating strict vigilance to prevent the exploitation of emergency conditions for money laundering or terrorist financing. The directive requires financial institutions to maintain uninterrupted anti-money laundering and counter-terrorist financing operations to ensure full compliance with Law Decree No. 20 of 2015 and its implementing regulations. This measure aims to safeguard national financial stability and mitigate illicit financial risks during periods of crisis.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (86 / 2020)
To all banks operating in Palestine
Date: Thursday, March 26, 2020
Subject: Exercise Caution in Emergency Situations
In order to maintain financial stability and mitigate money laundering and terrorist financing risks during emergencies, the Palestine Monetary Authority emphasizes the necessity of taking the following measures:
- Exercise caution to ensure that current conditions are not exploited for money laundering or terrorist financing purposes.
- Ensure the continuity of efforts by personnel working within the framework of combating money laundering and terrorist financing crimes to guarantee full compliance with the AML/CFT requirements stipulated under Law Decree No. (20) of 2015 and its issued regulations.
Supervisory Group
Palestine Monetary Authority
Copy to: The respected Financial Monitoring Unit
Note:
Ramallah and Al-Bireh - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Phone
Gaza - Palestine P.O. Box 4026
www.pma.ps