International edition
June 23, 2021

The directive comes into effect immediately

Israel: Banks can refuse to handle transactions for suspicious websites

(Israel).- The Bank of Israel has released the banks from their duty to provide service for suspected illegal gambling websites. The directive, which comes into effect immediately, instructs banks to report its implementation by March 31 (unusual haste for a Bank of Israel directive).

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n an unusual step, David Zaken, Supervisor of Banks, has released the banks from their duty to provide service for these websites, and has allowed them to refuse to handle transactions for suspicious websites.

 "Refusal to approve a transaction, refusal to enter into an agreement or terminating an agreement because of the implementation of what is stated in this circular, including policies and procedures set in accordance with it, will be considered as reasonable refusal pursuant to the Banking Law," states Zaken.

Zaken added, "As part of the fight against illegal online gambling, which the Israel Police has determined as an activity that gives rise to crime, you are required to be alert to the risks inherent in money transfers originating from or destined to bank accounts that appear on websites that are apparently used for illegal gambling activity, and that are included in the list of websites published by the Israel Money Laundering and Terror Financing Prohibition Authority."

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