Summary
This document is a guide detailing the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Palestine. It outlines the legal framework established by the Anti-Money Laundering and Terrorism Financing Decree Law No. (20) of 2015 and its amendments. The guide presents the necessary requirements for identity verification and due diligence that clients must adhere to in order to comply with these regulations. It defines key terms such as Client, Customer, and Politically Exposed Person (PEP), and describes the identity verification process, including the required documents for verification. The document also emphasizes the importance of ongoing identity verification and the conditions under which it should be performed. Additionally, it discusses the reliance on external services for compliance and the record retention requirements mandated by law. Overall, the guide serves as a comprehensive reference for understanding AML and KYC obligations in Palestine.
