Bank Hapoalim (TASE: POLI) has upgraded its anti-money laundering system, bringing online new oversight software for identifying extraordinary activity. The system will focus on activity at the bank's foreign branches, international banking activity, bank accounts of foreign residents in Israel, and transactions with Palestinian banks.
Bank Hapoalim recently upgraded its system for comparing names with the international alert watch list of high-risk individuals and institutions suspected of money laundering or financing terrorism. Bank Hapoalim's business unit's computerized system for identifying and reporting extraordinary activity has also come online.
In addition, in order to improve the quality and accuracy of information, Bank Hapoalim's control system for the opening of new accounts has begun operating at bank branches. This system also oversees changes in the bank's administrative database.
Earlier this month, "Globes" reported that the Bank of Israel has tightened anti-money laundering and customer identification procedures. Supervisor of Banks Rony Hizkiyahu said, "Proper policies of 'know your customers' and regular monitoring of their transactions is essential for the stability and credibility of the banking system."
The Bank of Israel announced that commercial banks will be required to install automatic alert systems about extraordinary activity, and suspicions of money laundering or the financing of terrorism. Bank Hapoalim has begun installing these systems.
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2009
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