Regulatory Alerts2012-03-22
Removal of Documents from the Offices of Banking Corporations
The Supervisor of Banks issued this regulation requiring banking corporation management to establish procedures for the removal of documents from their offices. The rule generally prohibits employees and others from taking documents off-site unless necessary for corporate work, with exceptions for non-confidential materials and customer-specific records. Requests to remove classified documents for external purposes, such as legal defense or research, require explicit authorization from the board of directors to ensure compliance with customer secrecy obligations.
Supervisor of Banks: Proper Conduct of Banking Business (12/95) Removal of Documents from the Offices of Banking Corporations Page 356- 1 ONLY THE HEBREW VERSION IS BINDING REMOVAL OF DOCUMENTS FROM THE OFFICES OF BANKING CORPORATIONS Introduction
- The management of a banking corporation shall derermine procedures regarding the removal of documents from the offices of the corporation, as specified in this regulation. Prohibition on removing documents
- (a) Generally, no person (including an employee of the banking corporation) shall be allowed to remove documents (including copies of documents) from the offices of a banking corporation if this is not done for the purposes of work of the corporation or on behalf of the corporation. If someone has removed documents for the purposes of work, he may be allowed to keep them only for the time period required for the specified purpose of the work. (b) The aforesaid prohibition shall not apply to documents which contain no commercial secret or information that is classified by law, agreement, or custom. Similarly, it is hereby clarified that the prohibition shall not apply to handing over to the customer, or at his request, documents which he himself has signed or which concern his account. Removing documents in certain cases
- In cases where classified documents are required not for the purposes of the banking corporation, such as for research purposes or by a former employee of the corporation in order to submit a claim or defend against a civil or criminal suit, the handing over of the document should be authorized by the corporation’s board of directors or a person to whom it has given the authority to do so, or conditions shall be set out that apply to the recipient of the documents. In any such case the board of directors shall ascertain that the handing over of the documents does not constitute a violation of the bank’s secrecy obligation to its customers.
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