Regulatory Alerts2019-01-01
Circular No. 253 of 2019 Regarding Internal Audit of the Anti-Money Laundering and Counter-Terrorist Financing Environment
The Palestine Monetary Authority requires all banks operating in Palestine to conduct regular internal audits of their anti-money laundering and counter-terrorist financing frameworks to ensure procedural effectiveness. Banks must explicitly include assessments of AML/CFT policies, risk-based approaches, staff training, system monitoring capabilities, record retention, and prior audit remediation in their future internal audit plans. Furthermore, institutions are mandated to submit their most recent AML/CFT internal audit report to the Authority within one week of this circular's issuance for compliance verification and risk mitigation evaluation.
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