The Bank of Israel has fined First International Bank of Israel (TASE: FTIN1;FTIN5) and its subsidiary Bank Poalei Agudat Israel Ltd. NIS 5.5 million for violating the Prohibition on Money Laundering Law (5760-2000). First International Bank was fined NIS 3.5 million and Bank Poalei Agudat Israel was fined NIS 2 million.
The fine follows the Banking Supervision Department's critical audit of the bank in 2006. The audit found persistent failures by Bank Poalei Agudat Israel relating to money laundering. The audit found flaws in the implementation, monitoring, and training in the regulations of the Prohibition on Money Laundering Law. The audits were given to the banks in June and July 2006.
http://www.globes.co.il/serveen/globes/docview.asp?did=1000295852&fid=942
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