Israel Starts 24-Month Countdown to Anti-Money-Laundering Rules for Gemachs

Capital Market Commissioner Amit Gal published a formal notice on October 19 that starts a 24-month preparation period for anti-money-laundering obligations on gemachs, nonprofit institutions that accept deposits and provide interest-free loans. The requirements include identifying customers, managing risk, appointing a compliance officer and financial reporting. The Capital Market Authority now reports 19 licenses issued, following the first seven licenses in September, with further applications under review. The authority has also sent hearing letters to institutions it alleges have not met licensing requirements.