Regulatory Alerts2023-08-13
Bank of Israel Circular C-06-2627: Amendments to Proper Conduct of Banking Business Directive no. 450
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 450 to align debt collection procedures with recent legislative updates and facilitate customer consent. The changes replace signature requirements with documented consent, mandate the publication of debt collection contact information on bank websites, and update definitions to reflect the Payment Services Law and Credit Data Law. These amendments aim to ensure proper notification regarding credit register reporting and allow for specific regulatory exemptions in anomalous cases.
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