In recent years, the State of Israel has made every effort to become an actress. Central to the world economy, and Israel has indeed in recent years become more global than ever and attracts businessmen, funds, wealthy investors and multinational corporations with deep pockets. At the same time, the state also understands that it must maintain and monitor well to ensure that the companies operating in the country do not break the law and are not involved in criminal or criminal activity. Thus, the “Anti-Money Laundering Law” was enacted in 2000, section 8 of which in fact requires many companies in Israel to appoint a “compliance officer” whose job will be to act as a kind of gatekeeper that prevents the existence of offenses before the law occurs.
What is a “compliance officer” anyway? Who must employ him and what does his training process include? With the help of Adv. Sharon Fishman, partner and director of the criminal taxation department at the law firm of Doron, Tikotsky, Kantor, Gutman, Ness, Amit Gross & Co., we have created a guide that answers all the important questions on the subject.
In fact, it is a mechanism of supervision and control.The role of the compliance officer is to cause the company or organization in which he operates, Not to break the law and even try to prevent the damages in advance (or at least – reduce them), unlike an internal auditor – whose main job is an after-the-fact audit. It is important for the compliance officer to have extensive knowledge and control of the relevant laws, so that he can formulate clear procedures for proper conduct in the specific organization in which he is located, ensure their implementation and know how to convey the relevant information to managers and employees in the organization. If, God forbid, something happens, the presence of a “compliance officer” in the company will prove to the regulator supervising the organization that the same company has taken precautions to try and reduce a A. the risks as far as possible, which may be to her credit in the legal proceedings to be taken by the regulator against her, or in the amount of the sanction to be imposed on her by the relevant regulator.
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Adv. Sharon Fishman
( Photo: Sigal Saban )
Who must employ a compliance officer – and why?
Who in the organization is subject to the compliance officer?
How can a compliance officer prevent offenses like bribery, tax offenses, money laundering and more?
Mainly through advocacy and supervision activities. , To implement the requirements of the various laws and to supervise their placement in the organization. To the organization and its employees. B> The law requires me to employ a “compliance officer”. Do I have to hire someone who will only be a “compliance officer”, or can it be a subordinate (in addition to his job)? There is no prohibition for the compliance officer to deal with this as well, but in order to maintain his objectivity and absence His subordination, and in order to avoid a conflict of interest with his other role, it is desirable that the compliance officer in the organization should serve only as such. Although this position requires legal knowledge – it is definitely not desirable for the compliance officer to also be the legal advisor to the organization, in order to avoid conflicts of interest, and so that he can be another factor that examines the organization’s compliance with regulation and law. How to become a “compliance officer” “?
”Today there are also courses for training compliance officers, but in practice, all D. or an accountant and also those who do not have a legal or accounting education, can serve as compliance officers in the organization as long as they are proficient in the regulation applicable to the organization and its placement.
I am a company that is required by law to employ a compliance officer, but I am not aware of it ( Or did I knowingly choose not to employ.) What are the sanctions that can be imposed on me?
Are there any cases that have reached the court?
Absolutely. For example, in the legal proceedings in the matter of Batsheva Kobi v. Bank Leumi LeIsrael. Private account The activity in the account matched the activity of a gift giving business Financial Ruth. Among other things, credits in high amounts, parallel withdrawals in high amounts and the like were found. The bank blocked the applicant’s account. Here it should be remembered that managing an account of the provision of financial services involves supervision, compliance with procedures, reports under the Anti-Money Laundering Act and the like. Therefore, the Bank feared that the applicant was circumventing the legal restrictions on managing an account of a financial services provider through its private account.
On 27/11/2019, a request was sent to the applicant for the necessary data and documents for the Bank to examine the application to open an account dealing with the provision of financial services. Between the Furthermore, she was asked to present a license to run a business of a financial services provider, a certificate of computer programming as required by the Anti-Money Laundering Law and its regulations, and a breakdown of the identity of a “compliance officer” as required by the Anti-Money Laundering Law. The petitioner argued that she is not obligated to employ a compliance officer since she is not a corporation. The court rejected the plaintiff’s claim to require the bank to open a business account for her due to the lack of appointment of a compliance officer as required by law, even though it is an individual and not a corporation due to her occupation in providing financial services. The punishment in this case was in fact the revocation of the applicant’s license and the prohibition of running a business account, which in practice constituted a death blow to the transaction and led to its closure, inter alia, due to non-appointment of a compliance officer, as required by law.
deviles of Adv. Advocates Co.
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