Montrose Change is subject to the Israeli Prohibition on Money Laundering Law 2000, and the Prohibition on Financing Terrorism Law 2005 (“The Acts”). These laws aim to inhibit the movement of funds derived from criminal activity and to limit the availability of money to fund terrorist activity. In accordance with our obligations under the Acts, we have procedures to prevent our services from being used for money laundering purposes. These procedures include:
- Verifying client details;
- Monitoring and reporting suspicious transactions, particularly the breaking of large transactions into smaller amounts (generally done to avoid reporting);
- Training staff to be aware of their monitoring and reporting obligations;
- Keeping records for up to 7 years.
Clients should be aware that Montrose Change is obligated to report suspicious transactions, as well as transactions greater than 50,000 NIS for checks and 200,000 NIS for wires, to the relevant authorities. Montrose is not able to withhold requested information from regulatory authorities both in Israel and in other countries. Montrose will advise clients if information has been requested about them and will provide a report of what information was requested. Montrose and its directors, employees, agents and consultants will bear no liability in relation to the provision of information to regulatory authorities.