Regulatory Alerts2010-05-03
Added · Updated
Amendments to the Law on the Prohibition of Money Laundering and Terrorist Financing
The Law on the Prohibition of Money Laundering and Terrorist Financing, 5760-2000, is amended by replacing the definition of "designated business" in Section 1. The new definition lists specific financial entities, including banks, credit unions, money exchange businesses, and securities companies. It also broadly categorizes individuals holding various financial titles, such as advisors, consultants, and officers, as designated businesses subject to the law's provisions.
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