TEL AVIV: Israel’s Securities Authority published temporary reliefs for portfolio managers and stock exchange members during the “Iron Swords” war.
Regarding case managers, the Authority announced that since, in light of the security emergency, it is difficult to hold a face-to-face meeting with clients who wish to join the case management service and therefore does not allow for the completion of verification and identification procedures in full and complete, and in particular the performance of face-to-face identification of the client according to the established instructions of the Anti-Money Laundering Order Capital (Identification, reporting and records management obligations of a case manager to prevent money laundering and terrorist financing) 2010.
In light of the above, the Authority announced that it will neither initiate nor recommend the taking of enforcement measures in connection with the failure to perform identification and verification procedures as required by the order of case managers, provided that they are carried out in accordance with the instructions and conditions detailed in the document it published.
The duties of identification, verification and beneficiary declaration in accordance with the order of case managers will be carried out using technology that allows remote communication if the specified conditions are met, by sending relevant documents and remote identification by technological means.
In addition, it is specified that the case manager must complete the full identification and verification procedures as required by the order of case managers in accounts opened according to these instructions, up to two months from the day the account was opened.
The Authority noted that until the completion of the full identification and verification procedures as mentioned above, the accounts will be classified as high risk for money laundering and terrorist financing. (ANI/TPS)