Regulatory Alerts2019-12-29
Bank of Israel Circular C-06-2599: Amendments to E-Banking Directive
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 367 to extend online identification leniencies to discounting accounts. This change allows banking corporations to provide discounting services to customers with annual voucher turnover not exceeding NIS 50,000 prior to completing full identification and authentication. If turnover exceeds this threshold, banks must establish a service cutoff and complete the Know Your Customer process in accordance with regulatory guidelines.
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