Regulatory Alerts2022-01-01
Palestine Monetary Authority Instruction No. 9 of 2022 Concerning the Issuance and Receipt of Financial Transfers
The Palestine Monetary Authority issued Instruction No. 9 of 2022 to regulate the issuance and receipt of financial transfers by licensed financial institutions and money value transfer service providers. The instruction mandates strict adherence to risk-based policies, comprehensive customer due diligence, and accurate data transmission for both individual and aggregated transfers to combat money laundering and terrorist financing. It further establishes specific obligations for intermediary and beneficiary institutions, prohibits unlicensed money transfer services, and requires compliance with targeted financial sanctions.
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