Regulatory Alerts2022-06-30
Wage payments to Palestinian workers via bank transfers
The Bank of Israel mandates that banking corporations authenticate Palestinian worker data against the Population and Immigration Authority database to reduce money laundering and terrorism financing risks. This official database verification replaces specific identification requirements under the Prohibition on Money Laundering Order, 5761–2001. Banks must complete system preparations to offer these transfer services by October 31, 2022, while ensuring any refusal to provide the service is reasonable under the Banking (Service to Customer) Law.
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