Regulatory Alerts2018-01-11
Added
Amendments to Proper Conduct of Banking Business Directive no. 420 Regarding Sending Notices
The Bank of Israel amends Proper Conduct of Banking Business Directive no. 420 to update requirements for banking corporations and credit card companies sending notices to customers. Effective April 1, 2018, Section 9(a) requires adding a link to the Checks Without Cover guide to notices for customers with five refused checks, while Section 9(b) mandates including a link to the System of Information and Authorizations regarding Restricted Customers and Accounts for those with account restrictions. Other amendments replace compulsory physical mail with posting via an alternative channel for customers inactive for nine months and require dual delivery via email and website mailbox for subscribed customers. The remaining changes take effect upon promulgation.
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