Bank Supervisor: Block accounts with undisclosed beneficiaries

The August 17 disclosure deadline is part of the war against money laundering.

Supervisor of Banks Yoav Lehman is calling on customers to cooperate with the banks in implementing the Prohibition on Money Laundering Law (5670-2000), by completing within six weeks the identification particulars and beneficiary and controlling declaration forms for their accounts.

Lehman emphasized that in the absence of customers identification and verification of their particulars by August 17, the bank will be constrained from carrying out any transaction in the customers’ accounts, except for the withdrawal of the existing balance, closing the account, and paying of debts. For this reason, Lehman is proposing to the public that it cooperate with the banks’ efforts by supplying all the identification particulars required by the Money Laundering Law.

A month ago, Lehman ordered the banks to expedite and complete the identification particulars and their verification for their customers who opened accounts before the Money Laundering Law took effect on February 17, 2003. As part of this measure, Lehman spelled out the steps that the banks must take in order to obtain a declaration from their customers on beneficiaries and those controlling their accounts.

Published by Globes [online] -l - on July 9, 2003

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