Client Update | Banking & Finance

Prohibition of Money Laundering Order (Identification, Reporting and Record-Keeping Requirements of Financial Services Providers to Prevent Money Laundering and Terror Financing) (Amendment), 5778-2018

On November 15th, 2018 a draft of the Prohibition of Money Laundering Order (Identification, Reporting and Record-Keeping Requirements of Financial Services Providers to Prevent Money Laundering and Terror Financing) (Amendment), 5778-2018 (the "Order") was submitted for approval by the Constitution, Law and Justice Committee of the Knesset. The draft proposes the application of provisions of the Order to Service Providers in a Financial Asset, in a manner that will significantly expand its application.