Regulatory Alerts2019-12-23
Supervision of Branches Abroad and Compliance at Banking Corporations
The Bank of Israel issued Circular no. C-06-2598 to update Proper Conduct of Banking Business Directives 306 and 308, strengthening the supervision of overseas branches and the compliance function. The revisions mandate that banking corporations ensure external audits of high-risk focal points at overseas branches occur at least every three years and require the compliance function to monitor significant changes in foreign compliance directives and enforcement policies. Banking corporations must complete their preparations to comply with these updated requirements by November 1, 2020.
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