Regulatory Alerts2022-12-01
Management of Anti-Money Laundering and Countering Financing of Terrorism Risks
The Supervisor of Banks amended the Proper Conduct of Banking Business Directive to mandate that banking corporations verify Palestinian workers' identities via the Population and Immigration Authority database when processing wage transfers. The regulation also permits the temporary use of expired biometric ID cards for customer identification to maintain banking accessibility while ensuring proper authentication. These measures aim to eliminate cash wage payments to reduce unreported economic activity and allow banks to manage AML/CFT risks through official database verification.
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