Regulatory Alerts2019-01-01
Circular No. 15 Instructions on Politically Exposed Persons
The Palestine Monetary Authority and the National Committee for Combating Money Laundering and Terrorist Financing issued Circular No. 15/2019 and Instructions No. 1/2018 to mandate strict compliance with enhanced due diligence and risk-based procedures for Politically Exposed Persons (PEPs) and their close associates. Financial institutions and specified non-financial businesses must obtain senior management approval before establishing PEP relationships, verify sources of wealth and funds, implement continuous monitoring, and report life insurance beneficial ownership risks. Banks are required to submit quarterly Excel reports detailing PEP clients and their transactions to the Authority’s AML-CFT department by the fifth working day following each quarter, alongside an action plan for system and policy updates.