Why are Israeli banks asking customers where their money comes from?

Israelis attempting to transfer large sums of money into their bank accounts from overseas have encountered difficulties of late.

One young man, an early investor in Bitcoin, told The Times of Israel that when he tried to repatriate several hundred thousand dollars’ worth of Bitcoin earnings from Gibraltar to Israel, his local Bank Hapoalim branch refused to accept the wire transfer.

Israelis with business interests abroad report being summoned to their local bank, being asked to explain how they earned their money, and, if unable to provide satisfactory answers, having their bank account closed.

A real estate agent who sells high-end apartments to immigrants and tourists from France lamented to The Times of Israel recently that his business was suffering because banks had begun asking probing questions about where his

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