Regulatory Alerts2019-01-01
Circular No. (251/2019) for Bankers: Risks of New Services and Products
The Palestine Monetary Authority issued Circular No. (251/2019) requiring all bankers operating in Palestine to fully identify, assess, and mitigate money laundering and terrorist financing risks associated with any new financial products, services, or technologies prior to launch or modification. The directive mandates the establishment of appropriate controls to manage these risks, strict adherence to Instructions No. (1) of 2017 concerning financial and banking products, and mandatory reporting to the Authority to facilitate compliance. This measure aligns with Financial Action Task Force Recommendation 15 to strengthen financial stability and counter illicit financing in emerging technologies.
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