Regulatory Alerts2021-01-01
Instructions No. 1 of 2021 Regarding the Compliance Officer and Contact Person Function
The Palestine Monetary Authority issued Instructions No. 1 of 2021 to mandate that licensed banking companies operating remittance services or maintaining three or more branches appoint a dedicated, independent Compliance Officer and Contact Person. The directive establishes strict eligibility criteria, including full-time dedication, independence from executive functions, and specialized anti-money laundering training, while outlining core duties such as risk identification, regulatory reporting, suspicious activity monitoring, and employee awareness enhancement. Furthermore, the instructions repeal prior compliance guidelines, impose penalties for non-compliance under existing banking regulations, and grant a six-month transition period for institutions to align their operations with the new framework.