Regulatory Alerts2016-10-30
Added
Amendment to Proper Conduct of Banking Business Directive No. 411 Regarding Trust Accounts for Self-Trading Platforms
The Bank of Israel amends Proper Conduct of Banking Business Directive number 411 to exempt trust accounts of companies holding a platform license under Section 44(m) of the Securities Law from specific beneficiary recording requirements. Specifically, Sections 2(b), 2(d)(2), and 4(a) of the Prohibition of Money Laundering Order no longer apply to these customer trust accounts in accordance with Section 21(a) of the Securities Ordinances (Platform Trader on his Own Account). This amendment aligns banking regulations with an interpretation by the Israel Securities Authority regarding entities that applied for licenses before May 26, 2015, and takes effect upon publication.