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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (251/2019)
To All Bankers Operating in Palestine
Date: Monday, October 28, 2019
Subject: Risks of New Services and Products
In order for the Palestine Monetary Authority to maintain financial stability, and to mitigate the risks of money laundering and terrorist financing in financial services and products, and in alignment with the requirements of Recommendation 15 of the Financial Action Task Force recommendations concerning new technologies, we emphasize the necessity of:
Full Compliance with the Following:
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Identifying and assessing all risks associated with the new service, product, or technology, including money laundering and terrorist financing risks, prior to launching or introducing any new financial product or service and/or utilizing new technologies or modifying and developing existing products and services.
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Working to establish the necessary controls and measures to manage and mitigate those risks.
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Fully complying with the provisions of Instructions No. (1) of 2017 concerning financial and banking products, and notifying the Palestine Monetary Authority as required to implement the above items.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Tel
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Tel