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Israel's central bank unveils anti-money laundering regulation

 


On Friday, the Central Bank of Israel presented a first draft regulation for banks' risk management for anti-money laundering and counter-terrorism financing (AML/CFT) in crypto transactions.


This move indicates that the Israeli government is working towards creating a legal framework for the merger of traditional finance and the crypto industry. Above all, the increased demand from customers is therefore decisive for the new design. So it says:


"Against the background of the increased customer demand for virtual currencies and the increased demand for corresponding payment options, the banking supervisory authority is today presenting a draft for the management of the risks arising from the handling of virtual currencies with regard to money laundering and terrorist financing."

In this context, the authority emphasizes the "high risk potential" that emanates from crypto transactions due to the anonymity of the wallets, which is why appropriate mechanisms are needed to make money flows identifiable. This should now be taken into account on the one hand by adequate risk management and on the other hand by determining "the origin of the respective funds and their origins".


According to this, banks would only be allowed to process transactions with crypto service providers who have a license as a financial service provider and are under official supervision.


The draft was first forwarded to the Israel Banking Committee, which is tasked with providing feedback on the proposed regulations. Public feedback will then also be taken into account before the central bank finally implements the new guidelines.


In November 2021, the Israeli government required all crypto service providers to obtain approvals from the country's stock exchange regulator. With the introduction of regulations regarding money laundering and terrorist financing, Israel is taking another important step towards full crypto regulation.

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