Regulatory Alerts2023-01-01
Circular No. 20/2023: Guideline on the Ultimate Beneficial Owner of Legal Persons
The Palestine Monetary Authority issued Circular No. 20/2023 to mandate money changers in Palestine to implement the approved Guideline on the Ultimate Beneficial Owner of Legal Persons and associated legal arrangements. The directive requires institutions to take necessary compliance measures, specifically ensuring that relevant staff are informed and trained on the identification requirements for ultimate beneficial owners. This circular ensures alignment with the National Committee for Combating Money Laundering and Terrorist Financing by standardizing beneficial ownership disclosure and governance practices across the money changing sector.
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