Palestine Monetary Authority Circular No. 89 (2023): Customer Identification Data and Documents

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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (89 / 2023)
To all banks operating in Palestine
Date: Wednesday, April 19, 2023

Subject: Customer Identification Data and Documents

The Palestine Monetary Authority reaffirms the necessity for banks to comply with the requirements of PMA Instruction No. (2009/8) and the National Committee for Combating Money Laundering and Terrorist Financing Instruction No. (4) of 2022, and that the basic data for identifying and verifying natural person customers are as follows:

1. The customer’s basic information according to the identity document (national ID card / passport for foreigners), their economic activity, and contact information.
2. Obtaining supporting documents to verify the correctness and accuracy of the aforementioned information, in accordance with Article (6) of the referenced instructions.

Accordingly, banks must comply with the provisions of the aforementioned instructions and ensure that some branches and offices do not require customers to submit unjustified or unstated additional data and documents as a condition for considering requests to establish, continue, and/or provide financial and banking services on their behalf.

Supervision Group
Palestine Monetary Authority

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