Regulatory Alerts2024-12-31
Management of Anti-Money Laundering and Countering Financing of Terrorism Risks
Israel's Banking Supervision Department has amended Proper Conduct of Banking Business Directive No. 411 to extend a temporary provision permitting financial institutions to open accounts based on New Immigrant certificates for up to 90 days until December 31, 2025. This regulatory update replaces the previous December 31, 2024 expiration date following consultation with the Advisory Committee on Banking Business Affairs and approval by the Governor. The amendment invokes statutory exemptions from standard regulatory reporting and periodic review mandates, citing disproportionate compliance costs and resource allocation, and takes effect on January 1, 2025.
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