Regulatory Alerts2023-01-01
Lending-2023 – Circular No. 35, Anti-Money Laundering and Counter-Terrorist Financing Instructions No. 4 of 2022
The Palestine Monetary Authority issued Circular No. 35 (2023) to mandate immediate implementation and policy updates for all lending institutions operating in Palestine under the newly adopted Anti-Money Laundering and Counter-Terrorist Financing Instructions No. 4 of 2022. The circular requires financial entities to align their internal policies and operational procedures with the attached instructions, which were published in Official Gazette No. 198 by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing. Furthermore, it formally repeals all prior instructions issued by the same committee in accordance with Article 38 of the new framework.
Palestine Monetary Authority
Circular No. (35/2023) To all lending institutions operating in Palestine Date: Wednesday, February 08, 2023
Subject: Anti-Money Laundering and Counter-Terrorist Financing Instructions No. (4) of 2022
Attached are the Anti-Money Laundering and Counter-Terrorist Financing Instructions No. (4) of 2022, issued by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing and published in Official Gazette No. (198) regarding anti-money laundering and counter-terrorist financing for financial institutions. Accordingly, immediate measures are requested to implement the provisions and requirements of the aforementioned Instructions, along with updating policies and operational procedures in accordance therewith.
This supersedes and repeals the previous Instructions issued by the National Committee for Anti-Money Laundering and Counter-Terrorist Financing, as specified in Article (38) of the aforementioned Instructions.
Supervision Group Palestine Monetary Authority
Copy to: The Financial Follow-up Unit
www.pma.ps Ramallah and Al-Bireh Governorate - Palestine | P.O. Box 452 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine | P.O. Box 4026 | Tel: +970 8 2825713 | Fax: +970 8 2844487