Regulatory Alerts2021-06-06
Sending Notices via Means of Communications (Proper Conduct of Banking Business No. 420)
The Supervisor of the Banks in Israel amended Directive No. 420 to update regulations for sending customer notices in light of technological advances in the banking sector. The revised directive requires banking corporations to select appropriate communication channels based on information materiality and mandates dual-channel delivery for critical notices such as legal actions or credit facility changes. Additionally, banks must implement controls to monitor customer access to notices, provide privacy protections, and ensure customers can opt for traditional mail delivery if desired.
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