According to local news outlet Calcalist Tech, the legislation -dated May 23- contains proposals from the Israel Money Laundering and Terror Financing Prohibition Authority that, once effective, would require banks, brokers, and cryptocurrency trade platforms, among others, to report any suspicious transactions that involve bitcoin and other digital currencies.
The new legislative piece aims to block money laundering and other fraudulent activities involving the movement of virtual currencies. It outlines 37 different money laundering red flags and obligates financial institutions to notify the competent authorities when they spot any of those red flags.
They include transfers of considerable amounts of money (over US$1,400) to digital wallets, any movement of funds via an anonymous IP address, cryptocurrency deposits to gambling websites, and any movements of anonymous digital currencies.
In addition, service providers will be required to keep detailed reports about their customers’ cryptocurrency activity, including digital wallet and IP addresses, the type of cryptocurrency and the exact amount of it they have in possession. The documentation should be kept for a period of at least five years.
Source: GMB / Casino News Daily
