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
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