Israel’s New AML Rules May Help Banks Onboard Crypto Clients

Israel’s New AML Rules May Help Banks Onboard Crypto Clients
Israel’s new anti-money laundering (AML) and anti-terrorist financing rules for crypto asset service providers take effect this week, clearing the way for local banks to more easily accept clients from the crypto sector.Local banks have so far taken an ad hoc approach to accepting deposits tied to crypto investments. Crypto advocates in Israel see the new AML regulations, which came into effect on Sunday, as a first step in setting up comprehensive guidelines at the national level for banks.“We hope that this order will significantly reduce transfer blocks and the denial of banking services experienced by crypto users and investors,…