Regulatory Alerts2017-01-01
Circular No. 29 of 2017 Regarding the Update of Account Data for Natural and Legal Persons
The Palestine Monetary Authority mandates all banks operating in Palestine to update customer account data for natural and legal persons in accordance with Anti-Money Laundering and Counter-Terrorist Financing regulations. Banks are required to collect supporting documentation annually for legal entities, including charities and non-profits, and biennially for individuals, while initiating immediate updates whenever information accuracy is in doubt. These procedures reinforce existing directives under Circular No. (2016/105) and align with the regulator’s risk-based customer classification framework.
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