Regulatory Alerts2019-01-01
Circular No. 252-2019: Risks of New Services and Products - Payment Companies
The Palestine Monetary Authority issued Circular No. 252-2019 mandating all payment service companies in Palestine to identify, assess, and mitigate money laundering and terrorist financing risks linked to new financial products, services, or technologies prior to market launch. The directive requires firms to establish robust risk management controls, strictly comply with Instructions No. 1 of 2017 concerning financial and banking products, and submit documented proof of compliance to the regulator. This measure aligns Palestinian payment sector operations with FATF Recommendation 15 on emerging technologies to safeguard national financial stability.
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