Bank of Israel fines Leumi

The Bank of Israel's sanction committee on banking corporations on Tuesday decided to impose a NIS 425,000 fine on Bank Leumi for violating instructions related to the implementation of the anti-money laundering laws.

By SHARON WROBEL
August 5, 2007 09:43

The Bank of Israel's sanction committee on banking corporations on Tuesday decided to impose a NIS 425,000 fine on Bank Leumi for violating instructions related to the implementation of the anti-money laundering laws. Violations, which were revealed at the bank were mainly related to identification and verification procedures when opening a bank account, the execution of banking actions and reports to the anti-money laundering authority. In response, Bank Leumi said the shortcomings were technical and revealed by a regular Bank of Israel inspection. "Since the inspection, the technical shortcomings have been corrected," Leumi said.


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