Regulatory Alerts2020-06-23
Transferring Activity and Closing a Customer’s Account
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 432 to require banking corporations to enable customers to submit securities portfolio transfer requests online without visiting a branch. The regulation permits banks to reasonably refuse such transfers only in specific circumstances, such as potential tax events or collateral issues, while mandating prompt notification of refusal reasons. These changes aim to leverage technology to simplify the transfer process for customers and take effect six months after publication.
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