ANI
18 Jun 2024, 12:48 GMT+10
Tel Aviv [Israel], June 18 (ANI/TPS): Israel's Capital Market Authority strengthened the management of money laundering and terrorist financing risks in financial service providers and adopted international rules in the supervision of virtual assets.
The new directive imposes on financial service providers a requirement not to provide service to a service recipient who does not hold a financial services provider license if the license holder believes that the activity requires obtaining an appropriate license.
In such cases, it will also be required to submit appropriate reports to the Capital Market Authority and the Authority for the Prohibition of Money Laundering.
The draft directive also states that a provider of financial services may not perform an action if there is a reasonable basis for fearing that the action is related to money laundering and terrorist financing.
The directive is expected to apply for the first time in Israel the international standard for the transfer of the information required in activities in virtual assets (Travel Rule).
According to the standard, a provider of financial services in a virtual asset will be required to transfer the relevant information to the recipient of the transfer immediately and securely.
In this way, the anti-money laundering and terrorist financing regime that applies to those engaged in activities in virtual assets will be adjusted to the advanced international standards and the recommendations of the FATF (Financial Action Task Force) organizsation. (ANI/TPS)Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationWUSHI, Taiwan: Inspired by how Ukraine has used sea drones effectively against Russia in the Black Sea, Taiwan is learning how to use...
NEW DELHI, India: Amid mounting U.S.-China trade tensions, Apple has sharply increased iPhone shipments from India to the United States,...
NEW DELHI, India: A scorching heat wave is engulfing northern India, with temperatures rising well above normal and causing significant...
NEW DELHI, India - The world is in shock following Thursday's devastating plane crash in India which has killed at least 290 people,...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
New Delhi [India], June 17 (ANI): Bharatiya Janata Party (BJP) leader Nishikant Dubey supported US President Donald Trump's strong...
NEW YORK, New York - U.S. stock markets closed in positive territory Monday despite the raging war in the Middle East which has killed...
NEW DELHI, India: Amid mounting U.S.-China trade tensions, Apple has sharply increased iPhone shipments from India to the United States,...
WASHINGTON, D.C.: The U.S. government estimates that Huawei will only be able to manufacture up to 200,000 advanced AI chips next year—well...
SAN FRANCISCO, California: After months of muted IPO activity in the fintech world, digital bank Chime Financial reignited investor...
TOKYO, Japan: Nintendo's latest console is off to a roaring start. The company says it has sold over 3.5 million units of the newly...
LONDON, UK: Crude prices surged this week as investors welcomed fresh signs of progress in U.S.-China relations, lifting hopes of reduced...