{"id":414788,"date":"2022-03-11T19:38:15","date_gmt":"2022-03-11T16:38:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bank-of-israel-issues-draft-guidelines-on-cryptocurrency-aml-cft\/"},"modified":"2022-03-11T19:38:15","modified_gmt":"2022-03-11T16:38:15","slug":"bank-of-israel-issues-draft-guidelines-on-cryptocurrency-aml-cft","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bank-of-israel-issues-draft-guidelines-on-cryptocurrency-aml-cft\/","title":{"rendered":"# Bank of Israel issues draft guidelines on cryptocurrency AML\/CFT"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a341a6906f89\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a341a6906f89\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bank-of-israel-issues-draft-guidelines-on-cryptocurrency-aml-cft\/#%E2%80%9D_Bank_of_Israel_issues_draft_guidelines_on_cryptocurrency_AMLCFT_%E2%80%9C\" >&#8221; Bank of Israel issues draft guidelines on cryptocurrency AML\/CFT &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bank_of_Israel_issues_draft_guidelines_on_cryptocurrency_AMLCFT_%E2%80%9C\"><\/span>&#8221; Bank of Israel issues draft guidelines on cryptocurrency AML\/CFT &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNDZmY2U2ODktYmNmNy00NjIzLTg5ZWEtYjJlNzgzMmI0YjIzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>On March 10, the Bank of Israel <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.boi.org.il\/en\/NewsAndPublications\/PressReleases\/Pages\/10-03-22.aspx\">published<\/a> draft regulation of anti-money-laundering and combatting the financing of terrorism (AML\/CFT) risk management for the banks facilitating crypto-to-fiat transactions.<\/p>\n<p>The move hints at the Israeli government\u2019s preparations to legalize and regulate the relationship between banks and virtual currency service providers (VASPs). The document cites the customers\u2019 increased involvement with digital assets as the rationale for the new policy:<\/p>\n<blockquote><p>\u201cIn view of the increase in customer activity in virtual currencies, and the resulting increase in customer requests to transfer money [&#8230;] the Banking Supervision Department today published a draft circular dealing with managing AML\/CFT risks derived from the provision to customers of payment services related to activity originating in virtual currencies.\u201d<\/p><\/blockquote>\n<p>The regulator emphasizes the \u201chigh potential risk\u201d of digital asset transactions due to the anonymity of digital wallets and stresses the need to establish mechanisms of money identification. For now, this task is divided into two major components: conducting rigorous risk assessment and clarifying \u201cthe source of the money used in the purchase of the virtual currency and the path through which the virtual currency passed\u201d between purchase and conversion into fiat.<\/p>\n<p>As the release clarifies, banks would only be allowed to deal with the entities holding a license to provide financial asset services issued by the Supervisor of the Capital Market, Insurance and Savings Authority. <\/p>\n<p>The draft amendment was sent to the Advisory Council on Banking Matters, which is expected to provide additional input that, along with public commentary, will be considered by the Bank of Israel in the process of finalizing the guidelines. <\/p>\n<p>In November 2021, the Israeli government obliged VASPs to obtain an operating license from The Israel Securities Authority, the Capital Markets, Insurance and Savings Authority. With the AML\/CFT guidelines for banks now on the table, the nation is moving even closer to getting a comprehensive framework for digital asset transactions.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bank-of-israel-issues-draft-guidelines-on-cryptocurrency-aml-cft\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bank of Israel issues draft guidelines on cryptocurrency AML\/CFT &#8220; On March 10, the Bank of Israel published draft regulation of anti-money-laundering and combatting the financing of terrorism (AML\/CFT) risk management for the banks facilitating crypto-to-fiat transactions. The move hints at the Israeli government\u2019s preparations to legalize and regulate the relationship between banks and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":414789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNDZmY2U2ODktYmNmNy00NjIzLTg5ZWEtYjJlNzgzMmI0YjIzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74859,74858,75022,74863,71939,2184,55229,70934],"class_list":["post-414788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-aml","tag-bitcoin-regulation","tag-central-bank","tag-cryptocurrencies","tag-banks","tag-israel","tag-law","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/414788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=414788"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/414788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/414789"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=414788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=414788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=414788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}