The Israeli government has proposed new regulations requiring financial institutions to report suspicious cryptocurrency activity with the goal of preventing money laundering, Israeli website CTech reports.
As of June 1, brokers, banks, money changers and cryptocurrency trade and commerce platforms will be required to report clients’ suspicious activity. The legislation draft by Israel’s Ministry of Justice will be open to public purview until June 13.
The regulations list 37 red flags for money laundering. They include the transfer to a digital wallet of more than 5,000 shekels (about $1,400) as well as money transfers made using anonymous IP addresses or addresses that are incompatible with the geographic origin of the connection. Read more here.