Regulatory Alerts2019-01-13
Added · Updated
Palestine Monetary Authority Circular No. 16/2019: Instructions on Politically Exposed Persons
The Palestine Monetary Authority requires all banks operating in Palestine to fully comply with the National Committee for Combating Money Laundering and Terrorist Financing's Instructions No. 1 of 2018 regarding Politically Exposed Persons (PEPs). Banks must implement enhanced due diligence measures, including senior management approval for PEP relationships, verification of wealth sources, and continuous monitoring of transactions. Additionally, banks are mandated to submit quarterly Excel reports detailing PEP accounts and associated transaction volumes to the AML-CFT department by the fifth business day following each quarter's end, alongside providing a corrective action plan by the end of the current year.