Israel: Central Bank Unveils New Cheque Format to Come into Circulation in 2019

On January 17, 2019, the Bank of Israel presented the new cheque format that is due to enter into circulation in the Israeli territory within the year, ahead of the Reducing the Use of Cash Law coming into full effect this January, as part of the government’s objective to promote electronic means of payments as posing lower risks of money laundering, terrorism financing and tax evasion.

It is noted that the Reducing the Use of Cash Law contains limitations on the use of not only cash but also transactions performed through anonymous paper-based means of payments, such as cheques.

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