The Designated Non-Financial Business and Profession Supervisor

 

About

As part of the struggle against money laundering and terrorist financing and in accordance with the international standards in this field, Amendment no. 13 of the Prohibition on Money Laundering Law, 5760-2000 (hereinafter: "The Law") was recently enacted, imposing an obligation of identification and performance of know your customer procedures by advocates and auditors that provide for their customers a "business service" including business actions as specified in the Law, such as the buying/ selling of real estate, establishment of corporations, financial management and other such issues (hereinafter: "Designated Non-Financial Business and Profession" or "DNFBP").