Regulatory Alerts2020-12-30
Bank of Israel Circular on E-Banking Amendments
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 367 to permit the remote opening of corporate bank accounts and flexible identification methods for e-banking services. The regulation allows authorized signatories to authenticate remotely and accept digital lawyer certifications, while requiring banking corporations to align their risk-based authentication policies with board-approved guidelines. Additionally, the update aligns the directive with the Payment Services Law and mandates reporting of cyber incidents under Directive no. 366.
Share