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
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
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By K C P Low