Regulatory Alerts2016-07-25
Added
Amendments to Proper Conduct of Banking Business Directive no. 420
The Bank of Israel amends Proper Conduct of Banking Business Directive no. 420 to allow banking corporations to send notices via communication channels, including digital delivery of transaction instructions previously provided only at branches. The amendment introduces a mandatory SMS warning service for customers when five checks are refused or an account restriction is placed, while permitting optional SMS notifications for other account-related events. Specific sections take effect on April 1, 2017, and July 1, 2017, with the remaining provisions effective upon publication.
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