Israel Will Ban Cash Payments Over $4,400 on Monday

Key Takeaways

• Beginning August 1, Israel will ban cash for personal transactions over $4,400 and business transactions over $1,760.
• The country will impose fines between 15% and 30% of the relevant transaction value on those who violate the law.
• The law is meant to fight financial crime by promoting the use of digital payments, which are easier to monitor.