Regulatory Alerts2016-02-01
Added
Amendment to Proper Conduct of Banking Business Directive No. 432 Regarding Customer Account Transfer Information
The Bank of Israel amended Section 6(a) of Proper Conduct of Banking Business Directive No. 432 to extend the data update period for periodic reports provided to customers requesting information on transferring activity or closing accounts. If a request is submitted between the 1st and 10th of the month, the report must be updated to at least the end of the month preceding the previous month; if submitted between the 11th and the end of the month, it must be updated to at least the end of the preceding month. These amendments apply to banking corporations and credit card companies and take effect on February 28, 2016.
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