Bank of Israel published a set of AML regulations for crypto deposits

The regulatory authorities around the world are tightening regulations and requirements to combat money laundering using cryptocurrencies

11.03.2022 - 16:30

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What’s new? Israel’s Central Bank has published a draft corresponding to the anti-money laundering (AML) regulations. According to the draft, banking corporations will be required to conduct risk assessments of money transfer procedures that are made in cryptocurrencies or intended for them.

Information on the website of the Bank of Israel

What will change in the way banks operate? The operations of licensed crypto firms will be examined separately. Banks will also have to clarify the source of the money used to purchase cryptocurrency and track the path of movement of its purchase until its conversion to fiat currency.

What preceded it? In November 2021, anti-money laundering regulations came into force in Israel. At the same time, the Bank of Israel decided to accelerate the development of its own central bank digital currency (CBDC).

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