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Palestinian Financial Intelligence Unit Cracks Down on Money Laundering and Terrorism Financing
RAMALLAH, WEST BANK - The Palestinian Capital Market Authority has issued Anti-Money Laundering (AML) regulations to prevent the misuse of securities markets by criminals.
New Regulations
The regulations require financial institutions to report any suspicious transactions to the Financial Follow-up Unit (FFU), which is responsible for analyzing and investigating fraud and suspicious transactions.
National Bank Takes Proactive Approach
The National Bank, a major financial institution in Palestine, has implemented a comprehensive AML policy to prevent money laundering and combat terrorism financing. The bank’s policy includes:
- Obtaining full information and identification of customers and their beneficial owners
- Conducting thorough Know Your Customer (KYC) and Customer Due Diligence (CDD) processes
- Reporting suspicious transactions to the FFU
- Treating with caution business relationships and transactions with high-risk jurisdictions
- Verifying the source of funds and establishing the true identity of customers
Training and Awareness
The National Bank also provides ongoing training to its employees on AML prevention and combating terrorist financing. The training covers topics such as:
- Identifying signs of money laundering
- Steps to be taken once suspicion is identified
- The importance of maintaining confidentiality
“We are committed to preventing money laundering and combatting terrorism financing,” said a spokesperson for the National Bank. “We work closely with regulatory authorities to ensure that our policies and procedures are in line with international standards.”
Compliance and Monitoring
The National Bank’s AML policy is regularly reviewed by its compliance officers, internal auditors, and external examiners from local and international regulatory authorities. The bank also maintains physical records of customer identification and transactions for a minimum period of 10 years.
In addition to its internal measures, the National Bank collaborates with other financial institutions and regulatory bodies to share information and best practices in AML prevention and combating terrorist financing.
Protection Against Lawsuits
The National Bank’s AML policy also provides protection against lawsuits and criminal charges related to violations of bank secrecy or suspicious transactions reported in accordance with Palestinian laws and regulations.
Conclusion
Overall, the National Bank’s proactive approach to AML prevention and combating terrorism financing demonstrates its commitment to maintaining a secure and transparent financial system in Palestine.