(1) He shall not take action on property within the framework of the service provided by him unless he has the identification details, as specified in the order, of the recipient of the service from the banking corporation; The Governor shall determine in an order who is the recipient of the service in this matter; ... For the purposes of this paragraph –
"Beneficiary" – a person for whom the property is held or an action is carried out in the property, or who is able to direct an action with the property, all directly or indirectly, and in the case of a corporation – also a controlling shareholder in the corporation;
(2) will report in a manner as determined in the order the actions on the property of the service recipient that will be specified in the order, including such actions that have not been completed;
(3) Shall maintain and maintain records in the manner and for a period to be determined in the order, in the following matters:
(a) the identification details as stated in paragraph (1);
(b) the actions for which a reporting obligation has been established as stated in paragraph (2);
(c) Any other matter, which shall be determined in the order, which is necessary for the enforcement of this Law.
(b) For the purpose of enforcing this Law, a Minister shall prescribe, by order, to one of the entities as specified in the Third Addendum under his responsibility, after consultation with the Minister of Justice and the Minister of Public Security, duties of identification, reporting, registration and retention, as stated in subsection (a), which will apply to it with the necessary changes, as the case may be, and the Minister may determine various obligations as aforesaid to various financial service providers that are included in the same body; The Minister shall also determine the methods of fulfilling the obligations set out in the Order. ..."
- In accordance with this provision of the Law and the duties and powers it establishes, the competent authorities have signed orders – the Minister on the Prohibition of Money Laundering Order (Obligations to Identify, Report and Maintain Records of Banking Corporations for the Prevention of Money Laundering and Terrorist Financing), 5761-2001 (hereinafter: the "Prohibition of Money Laundering Order") and the Supervisor of Banks at the Bank of Israel on Procedure 411, which I will not present here in full.
In accordance with the subordinate legislation and Procedure 411, the Supreme Court clarified in the Toledano case as well (ibid., paragraphs 20-21):