Regulated Entities

 

Reporting Obligations of Financial Institutions and DNFBPs


Section 7 of the Law grants authority to the various Regulators to prescribe, in Orders, obligations that are to apply to the financial institutions and DNFBPs. the obligations may include KYC instructions as well as reporting, data retention and policy requirements. The obligations are prescribed by the following Regulators:
 
  •  The Bank of Israel in respect of banks, credit card companies and trust companies.
  • The Ministry of Finance in respect of money services providers (including "money change" businesses), insurers, insurance agents and provident funds.
  • The Securities Authority in respect of stock exchange members and portfolio managers.
  • The Ministry of Communications with regard to the Postal Bank.
  •  The Ministry of Economy in respect of dealers in precious stones.
  • The Designated Non-Financial Business and Profession Supervisor  in respect of lawyers and accountants.