Regulatory Alerts2020-03-12
Management of Anti-Money Laundering and Countering Financing of Terrorism Risks
The Bank of Israel issued Circular C-06-2610 to amend Proper Conduct of Banking Business Directive no. 411, granting specific leniencies in anti-money laundering compliance for licensed credit entities. The regulation removes the requirement for banks to accept only 'unusual' non-IBAN international transfers and exempts certain licensed credit intermediaries from providing beneficiary and controlling interest declarations. These exemptions apply solely to accounts managed on behalf of customers where the entity's activity is restricted to its licensed scope, acknowledging the lower compliance risk due to existing AML obligations on the license holders.
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