Regulatory Alerts2024-09-19
Reporting of Embezzlement by Employees and Officeholders
The Bank of Israel's Supervisor of Banks has amended Proper Conduct of Banking Business Directive 351 to refine reporting requirements for embezzlement by employees and officeholders. The amendments expand the directive's scope to include payment services providers and subsidiaries, update monetary reporting thresholds, and clarify definitions for substantial embezzlement incidents. Additionally, the CEO is assigned heightened personal responsibility for the accuracy and timeliness of reports submitted to the Banking Supervision Department.
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