Regulatory Alerts2018-11-13
Bank of Israel Circular on E-Banking Amendments to Proper Conduct of Banking Business Directive
The Bank of Israel issued Circular C-06-2578 to amend the Proper Conduct of Banking Business Directive, permitting banking corporations to allow customers to remotely add or remove account holders and authorized signatories. The regulation mandates that banks implement robust risk identification, enhanced monitoring for online accounts, and strict remote identification protocols using video or digital authentication. It further requires that high-risk transactions be authenticated via at least two factors and that anti-money laundering reviews be updated to cover these new digital activities.
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