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Israeli Regulator Fines Israel Discount Bank Nearly $1 Million for AML Failings
By Larissa Bernardes
printIsrael's chief financial regulator ordered the country's third largest bank to pay nearly $1 million Monday over the institution's poor anti-money laundering controls. Bank of Israel said that, during late 2005 and early 2006, Israel Discount Bank had weak internal controls, including poor customer identification procedures and suspicious activity reporting. What's more, the bank overly relied on outsourcing its anti-money laundering (AML) compliance, the regulator said in a statement. The penalty against the Tel Aviv -based bank is a rarity for the Israeli regulator, according to Kenneth Rijock, a financial crime consultant with London-based consultancy World Check. "This is the...
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