Regulatory Alerts2017-01-01
Circular No. 19: Money Laundering and Terrorist Financing Risks
The Palestine Monetary Authority issued Circular No. 19 to mandate strict compliance with anti-money laundering and counter-terrorist financing regulations for all banks operating in Palestine. The directive requires financial institutions to fully adhere to Decree-Law No. 20 of 2015, Presidential Decree No. 14 of 2015, and all subsequent directives issued by the National Committee for Combating Money Laundering and Terrorist Financing. Furthermore, banks must enforce international Financial Action Task Force standards, United Nations Security Council sanctions lists, and applicable local blocking lists when processing domestic and cross-border financial transactions.
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