Regulatory Alerts2021-07-25
Banking Supervision Department Circular C-06-2667: Amendments to Proper Conduct of Banking Business Directive no. 367 on E-banking
The Banking Supervision Department of Israel amended Proper Conduct of Banking Business Directive no. 367 to allow banking corporations to enable immediate customer activity in remotely opened accounts without prior mandatory human verification. The regulation replaces the previous requirement for pre-activity examination with a risk-based sample review of at least 20 percent of accounts, while maintaining strict pre-activity checks for high AML/CFT risk accounts. These changes aim to simplify the remote account-opening process and improve efficiency for both customers and banks following accumulated industry experience.
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