Regulatory Alerts2018-03-22
Added
Amendments to Proper Conduct of Banking Business Directives nos. 367 and 420 regarding E-Banking
The Bank of Israel updates guidelines for opening online accounts by permitting remote face-to-face identification technologies that do not require real-time interaction, eliminating the mandatory bank transfer requirement for new customers, and allowing minors aged 16 or older to open such accounts. The amendments remove the need for an additional identifying document when using approved remote technology and waive videoconferencing requirements for acquiring accounts with annual volumes up to NIS 50,000. Additionally, banking corporations are authorized to send unencrypted emails under specific risk assessments and may contact customers via alternative channels in real time following suspicious activity detection.