Regulatory Alerts2022-10-12
Added · Updated
Payments-2022- Circular No. 254 Criminal Modus Operandi
The Palestine Monetary Authority issued Circular No. 259/2022 to alert payment service providers about a specific criminal modus operandi targeting citizens through social media impersonation and fraudulent e-wallet payment requests. The directive mandates companies to implement preventive measures, including customer awareness campaigns, free SMS transaction notifications, dedicated fraud reporting channels, and strict monitoring of cross-regional wallet transfers. Additionally, providers must freeze fraudulent accounts, blacklist perpetrators, pursue legal action under Decision-Law No. 39 of 2022, and report compliance steps to the AML/CFT department within one week.
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