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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
(2017/29) Circular No. To all banks operating in Palestine Date: Tuesday, 14 February 2017
Subject: Update of Account Data for Natural and Legal Persons
Further to the Anti-Money Laundering and Combating the Financing of Terrorism Instructions for Banks issued under our Circular No. (2016/105) dated 15/06/2016, we emphasize the necessity of complying with the provisions of Clause (8) of Article (5) of the aforementioned Instructions regarding the update of data required under Article (5) of the Instructions. This includes providing supporting documents annually for legal persons, including charitable associations, civil organizations, and non-profit entities, and every two years for natural persons. Banks must initiate the necessary procedures to implement the data update process, bearing in mind that updates must be conducted in all cases if there is doubt regarding the accuracy of the obtained information, in accordance with the principle of customer risk-based classification.
Deputy Governor for Financial Stability
Copy: To the respected Financial Monitoring Unit.
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 Email: info@pma.ps www.pma.ps Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 Email: info@pma.ps