A supervisory policy document on the prohibition of money laundering and terrorist financing was published

Against the background of the great importance of monitoring and thwarting the channels of money laundering and terrorist financing, as an integral part of the ongoing national effort to thwart the phenomena of money laundering, economic crime and terrorist activity, today (Tuesday) the Supervision of Banks publishes a document defining the roles and objectives of the supervision on the subject, and the manner in which it will operate the supervision in order to meet its goals.

The technological and digital developments, the changing activity environment and the changes in customer tastes and types of financial services have created a reality in which money laundering and terrorist financing patterns are becoming more and more sophisticated. This reality led the supervision to act and adapt the regulatory and caring framework in the field of the prohibition of money laundering and terrorist financing to the existing and emerging risks.

Also, with the aim of giving the banking system better tools in dealing with the risks, the supervision works alongside and in cooperation with the enforcement and security bodies in Israel with the variety of tools at its disposal, and requires the implementation and assimilation of a careful and careful policy regarding the risks of money laundering and terrorist financing, with an emphasis on effectiveness in the management, control and monitoring systems , in accordance with international standards.

The supervisor of banks, Mr. Yair Avidan: "Risk management of the prohibition of money laundering and the prohibition of terrorist financing are high in the supervisory priorities while focusing on the areas assessed as having a high risk and on phenomena that may cause an increase in the potential risks. The policy document outlines the main objectives and principles of the supervision of the banks in this area, applying a risk-based approach for the realization of these objectives and detailing the legal framework in Israel, the powers of the supervision, the roles and objectives of the supervision, a work plan and supervisory tools".

supervisory policy

Illustration. Photo: Palestinian police

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