According to the Israel Diamond Exchange website, state Diamond Controller office Shmuel Mordechai told bourse members that they will be subject to government supervision of cash policies as part of new anti-money laundering regulations.
The first part of the policy will be in effect September 15 and by mid-October, IDE members will be under the controller’s office regulation concerning things like client identification.
Mordechai says, “At first we will help people to understand and adapt their business, but if we detect any irregularities, we will treat them severely.”
The IDE website also notes that Israel’s Money Laundering and Terror Financing Prohibition Authority representatives will perform recurring checks on members of IDE.
New regulations indicate that every bourse member company must designate an individual for implementing the law and that all employees will need to be briefed in regards to new cash payment policies. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
