Regulatory Alerts2019-05-07
Bank of Israel Circular C-06-2588: Amendments to Proper Conduct of Banking Business Directive no. 367
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 367 to allow banking corporations to determine identification and authentication methods for low-value remote transfers based on their own risk assessments. The regulator also expanded the definition of e-banking services to include fax transmissions, thereby subjecting this channel to existing identification, authentication, and risk management requirements. Additionally, the circular simplified the Know Your Customer process for minors by removing mandatory real-time remote interaction and cancelled specific sections to align online account opening with branch procedures.
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