The article analyzes the impact of the Anti-Money Laundering legislation on the Israeli banking system and on the bank-customer relationship.After a general analysis of the main issues included in the Law, the article focuses on three obligations that are imposed on the banks: The obligation of...

One of the characteristics of the banking system in Israel is – or at least used to be - the relatively high level of bank secrecy. Bank secrecy is one of the key obligations imposed on the bank vis-à-vis its customer. It embodies not only the customer's interest but also the interest of...