Regulatory Alerts2020-01-01
Circular No. 203 (2020): Measures to be Taken Regarding Persons Prohibited from Dealing
The Palestine Monetary Authority issued Circular No. 203 (2020) mandating all exchange companies operating in Palestine to immediately implement strict controls prohibiting transactions with individuals suspected of money laundering predicate offenses such as fraud and extortion. The directive requires companies to integrate internal and official local and international blocking lists into their accounting systems, automate transaction alerts, enhance employee due diligence training, and fulfill mandatory reporting obligations under Law No. 20 of 2015. Additionally, exchange firms must notify the Authority in writing of any operational incidents linked to these crimes via the designated AML-CFT department email.
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