Regulatory Alerts2021-09-30
Bank of Israel Directive on Dormant Deposits and Deceased Persons’ Accounts
The Bank of Israel issued Directive no. 443 to establish comprehensive tracing requirements for banking corporations handling dormant deposits and deceased persons’ accounts. The regulation mandates specific contact attempts using internal records and the Population Registry, with expanded efforts required for balances exceeding NIS 5,000 and after five years. It also imposes monthly death registry checks for deceased accounts, defines interfaces with the Administrator General, and nullifies the previous Directive 413.
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