Regulatory Alerts2022-01-01
Instructions No. (9) of 2022 Concerning the Issuance and Receipt of Financial Transfers
The Palestine Monetary Authority issued Instructions No. (9) of 2022 to regulate the issuance and receipt of financial transfers by licensed financial institutions and money or value transfer service providers. The directives mandate risk-based policies, strict identification and verification procedures, and comprehensive data requirements for originators and beneficiaries to mitigate money laundering and terrorism financing risks. Additionally, the Instructions establish specific obligations for intermediary and beneficiary institutions, enforce simplified due diligence thresholds, require targeted financial sanctions screening, and stipulate penalties for non-compliance.
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