The Bank of Israel has distributed a draft procedure on money laundering precautions in connection with digital currencies.
The Bank of Israel distributed a draft circular to the banks today with a supplement to Proper Banking Procedure 411, which deals with money laundering. The circular sets out in detail the obligations of the banks in connection with cryptocurrency activity.
The procedure is intended to complement the Money Laundering Prohibition Ordinance which applies to the cryptocurrency entities themselves, and to provide criteria to the banks in managing risk when transferring and receiving digital currency.
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The procedure sets out a long list of matters to which a bank needs to pay attention when a customer carries out a cryptocurrency transaction, such as the nature of the transaction, its size, and the risk classification.
The procedure represents a direct instruction to the banks that they may no longer refuse point blank to deal in digital currencies.
Published by Globes, Israel business news – en.globes.co.il – on December 30, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.
Cryptocurrencies credit: Shutterstock
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