Palestine Monetary Authority gets grip on terrorism funding
A new network will help Palestinian banks crack down on illegal money transactions by collecting more data from their customers.
GAZA CITY, Gaza Strip — The Palestine Monetary Authority has launched a new banking system designed to help keep track of the sources and recipients of financial transactions, and facilitate oversight and transparency.
The program, which was put in place Sept. 29, is dubbed Know Your Customer. The procedures are widely used in international banking to comply with anti-money laundering laws. They are designed to help banks verify customers' identities, comply with international best practices and appraise potential risks such as illegal business ties, money laundering, corruption, bribery and terrorism financing. The goal, officials said, is to make sure all local bank transactions are honest.
