Escort for currency service providers/Financial asset

The term currency service providers refer to companies and individuals engaged in currency conversions, discounting checks, sale or redemption of passenger checks, etc. Following the enactment of the Anti-Money Laundering Act, 2000 the Registrar of Currency Service Providers was appointed. anyone who wishes to engage in the provision of currency services must undergo a registration and inspection procedure by the Currency Services Providers Unit when at the end of the procedure he will register in the Currency Services Providers Registry.

The registration procedure involves the submission of an application by the applicant for a license to the registration department of the Currency Services Providers Unit in the Ministry of Finance. The registration application will examine various aspects of the license applicant, including a criminal record and the existence of investigation files pending against him. It should be noted that the existence of a criminal record and / or pending investigation files does not prevent the receipt of a license, but the processing of such applications is more rigorous and complex than in the case of license applicants without a criminal record.

It should be emphasized that engaging in one or more of the above services without issuing a permit for registration – constitutes a violation of the Anti-Money Laundering Act.

The Anti-Money Laundering Act applies a number of reporting obligations imposed on various sectors of the Israeli economy. Regarding currency service providers, there is a very broad reporting obligation applicable to all those engaged in currency services, with the purpose of transmitting a report to the database of the Anti-Money Laundering Authority on any transaction of a cash transaction over NIS 50,000. It should be noted that the breach of reporting obligations in relation to currency service providers entails punitive and / or monetary sanctions in the form of criminal proceedings (for all that this entails, including the possibility of forfeiture of property) against the violator or administrative proceedings for filing a financial sanction. Consisting of representatives of the Anti-Money Laundering Authority, the Ministry of Finance and the Ministry of Justice

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