Regulatory Alerts2020-10-04
Management of AML/CFT Risk
The Bank of Israel updated Proper Conduct of Banking Business Directive 411 to clarify the opening and management of accounts for asylum seekers and temporary protection beneficiaries. The Supervisor of Banks added Appendix B.1 to anchor specific methods for identification, verification, and alternative documents required under the Prohibition on Money Laundering Order. These amendments, effective upon publication, address implementation issues arising from changes in identification processes by the Population and Immigration Authority.
Share