Regulatory Alerts2022-01-01
Circular No. 15/2022 Preventive Measures Before Cashing Checks for Beneficiaries
The Palestine Monetary Authority issued Circular No. 15/2022 requiring all Palestinian banks to implement strict preventive measures before cashing checks for beneficiaries to mitigate money laundering, terrorist financing, and fraud risks. Banks must equip tellers with forgery detection tools, conduct continuous security training, and refuse counter transactions when customers conceal facial features or exhibit suspicious behavior. Additionally, the directive mandates immediate reporting of suspected check counterfeiting to the AML/CFT department and urges government entities to adopt secure printing standards, utilize modern payment systems, and verify beneficiary identities before check issuance.
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