A new regulation by the Capital Market Authority will require Haredi charitable funds (gemachim) to expand their reporting on activity volumes and cash flow, and to appoint a senior official responsible for preventing money laundering and terrorist financing, N12 reports.
A new regulatory framework from the Capital Market Authority will tighten oversight of Haredi charitable funds (gemachim), according to an N12 report by Lior Bakalo. The regulation requires gemachim to submit expanded reports on their activity volumes and cash flow, and to appoint a senior official responsible for preventing money laundering and terrorist financing. The move brings these funds under closer financial scrutiny, similar to other regulated financial entities.
3 developments
Source and signal
A single-sourced dispatch is never rated Confirmed or Strong. Its Signal strengthens only when a second, independent source corroborates it.
- Open-source intake