Regulatory Alerts2020-01-01
Circular No. 157/2020: Fraudulent Schemes
The Palestine Monetary Authority issued Circular No. 157/2020 to mandate money exchange companies in Palestine to implement enhanced due diligence, customer awareness, and internal reporting measures to combat emerging fraudulent schemes targeting citizens via social media and messaging platforms. The directive specifically warns against four prevalent scams, including the "frozen dollar" exchange trick, fake prize/aid activation fees, lottery scams, and extortion via compromised media, requiring exchangers to verify transfer purposes and reject transactions lacking mandated electronic data. Furthermore, the Authority requires immediate written notification of any suspected fraud incidents, whether completed or thwarted, to its AML-CFT department to mitigate money laundering and terrorist financing risks.