Regulatory Alerts2016-07-11
Added
Amendment to Proper Conduct of Banking Business Directive no. 403 on Non-banking Benefits
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 403 to allow banking corporations and credit card companies to grant non-banking benefits during a customer's ongoing account activity, such as through digital means or debit card usage. The revision removes previous barriers to granting benefits for current account management and the opening or management of settlement and deduction accounts, while maintaining the prohibition on linking benefits to the sale of other banking products. The amendments apply from the date of publication.
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