Regulatory Alerts2016-11-23
Added
Prevention of Money Laundering and Terrorism Financing, and Customer Identification
The Bank of Israel amends Proper Conduct of Banking Business Directive no. 411 to allow banking corporations to record identifying details for parents and eligible children using computerized records from the National Insurance Institute, thereby replacing standard identification requirements under the Prohibition on Money Laundering Order. This exemption applies specifically to bank accounts established for long-term savings for children under the National Insurance (Long-Term Savings for a Child) Regulations, 5776–2016. The amendments become effective on January 1, 2017.