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.
Palestine Monetary Authority
Circular No. (20 / 2023) To all money changers operating in Palestine Date: Monday, January 30, 2023
Subject: The Guideline on the Ultimate Beneficial Owner of Legal Persons
Attached is the Guideline approved by the National Committee for Combating Money Laundering and Terrorist Financing regarding the Ultimate Beneficial Owner of Legal Persons and legal arrangements.
Accordingly, it is requested to take the necessary measures in this regard, including informing and training relevant employees on the requirements for identifying the Ultimate Beneficial Owner of Legal Persons and legal arrangements.
Supervision Group Palestine Monetary Authority
Copy to: The Esteemed Financial Monitoring Unit