Regulatory Alerts2023-06-11
Management of Anti-Money Laundering and Countering Financing of Terrorism Risks
The Banking Supervision Department of Israel amended Proper Conduct of Banking Business Directive No. 411 to align with FATF standards and address specific operational gaps. The updates lower the threshold for customer identification on international transfers to NIS 5,000, mandate correspondent banks to retain transfer documents for seven years during technical failures, and expand payment service arrangements to include licensed financial institutions. Additionally, a temporary measure extends the validity of Immigrant Certificates for account opening from 30 to 90 days to facilitate the absorption of new immigrants until December 31, 2023.
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