Deadline for cross-border licence to service Israeli-based clients fast approaching

By May 13, 2019 Monaco News

Pursuant to recent Israeli financial law, Monegasque financial institutions offering financial services to Israeli based clients are now required to apply for a licence, should they wish to continue servicing these clients.

For compliance purposes, financial institutions are required to apply to the Israeli regulator (ISA), no later than May 30th 2019.

As institutions operating in a non-OECD country, Monegasque banks and financial institutions do not qualify for an exemption.  Applicants are expected to provide a legal opinion confirming that Monaco Financial legislation is similar to Israeli law in terms of supervisory and protection rules.

We are already in contact with ISA on this topic and would be pleased to assist in any submission before the quickly approaching deadline.