Israel: The Impact of the Anti-Money Laundering Legislation on the Banking System

7(1) Journal of Money Laundering Control 18

20 Pages Posted: 30 Apr 2014

Date Written: 2003

Abstract

The article analyzes the impact of the Anti-Money Laundering legislation on the Israeli banking system and on the bank-customer relationship.

After a general analysis of the main issues included in the Law, the article focuses on three obligations that are imposed on the banks: The obligation of identification ("Know your customer"); the obligation of reporting; the obligation to save information.

While agreeing with the great importance of the Law, a few aspects within the Law require re-examinaton both conceptually and practically.

Keywords: money laundering, bank-customer relationship, bank regulation, bank secrecy, bank confidentiality, know your customer

Suggested Citation

Plato-Shinar, Ruth, Israel: The Impact of the Anti-Money Laundering Legislation on the Banking System (2003). 7(1) Journal of Money Laundering Control 18. Available at SSRN: https://ssrn.com/abstract=2427608

Ruth Plato-Shinar (Contact Author)

Netanya Academic College, Israel ( email )

1 University St
Netanya, 4223587
Israel

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