Imposed: financial sanction in the amount of NIS 350,000 on Excellence

The Committee for the Imposition of a Financial Sanction under the Anti-Money Laundering Law imposed a financial sanction in the amount of NIS 350,000 on money laundering violations on Member of the TASE Excellence Neshua Services. The committee, in effect, approved an enforcement arrangement entered into in this matter between the Securities Authority's Administrative Enforcement Department and the stock exchange member.
The financial sanction was imposed following violations discovered in an audit conducted by the Company's Securities Authority, as part of its ongoing activities to monitor the companies' compliance with the provisions of the law. The violations were regarding the determination of the company's policy in the field of money laundering, the procedure for recognizing the account holder and determining his level of risk, ongoing control of this procedure and a declaration of beneficiary and controlling shareholder.
The committee examined a number of considerations, including the fact that this is the first financial sanction imposed on the company by virtue of the Anti-Money Laundering Law. In addition, the significant steps that the company has taken to correct the violations, to improve its compliance with the provisions of the law regarding the prohibition of money laundering and to prevent the recurrence of violations.