Regulatory Alerts2023-12-24
Proper Conduct of Banking Business Directive No. 424: Opening Current Accounts for Financial Entities
The Banking Supervision Department issued Proper Conduct of Banking Business Directive No. 424 to regulate how banking corporations handle account opening requests from nonbank financial entities. The directive mandates that banks provide written reasons for any refusal or delay exceeding three months and report such incidents to the Supervisor of Banks. These requirements aim to ensure transparency and fairness in the provision of banking services to financial bodies under recent Israeli regulatory frameworks.
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