Banking Services for New Immigrants

Supervisor of Banks: Proper Conduct of Banking Business [4] (12/20) Banking Services for New Immigrants Page 406- 1 ONLY THE HEBREW VERSION IS BINDING Banking Services for New Immigrants Introduction

1. (a) There have been instances in which clerks of banking corporation did not give sufficient
   attention to the need to explain banking operations they had been asked to perform to customers who are new immigrants. (b) Despite the fact that the customers signed the execution orders, it transpired that they did not have sufficiently clear and specific information about the significance, restrictions, and risks associated with the transactions implemented in accordance with their instructions. (c) In some cases new immigrant depositors signed orders to purchase securities without having been given adequate information about the risks involved in the investment. In others, money was deposited in savings schemes, tying it up for at least two years, without the depositor receiving a clear explanation of what this involved. Guidelines for employees
2. The attention of the employees in the branches should be brought to the need to give as
   detailed an explanation as possible of the significance of the transaction that a customer wishes to undertake in a banking corporation. Explanations for immigrants
3. In view of the aforesaid, it is suggested that attention be paid to new immigrant customers,
   and that they should be provided with an explanatory booklet in their own language regarding the nature and main features of the transactions they wish to undertake.

Supervisor of Banks: Proper Conduct of Banking Business [4] (12/20) Banking Services for New Immigrants Page 406- 2 ONLY THE HEBREW VERSION IS BINDING Application
4. The Supervisor may establish certain directives that differ from the provisions detailed
herein, which will apply to a specific banking corporation, or may exempt, in anomalous cases, a specific banking corporation from a certain directive, when there are special reasons due to which the Supervisor saw fit to do so, and for grounds that will be listed.

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Updates
Circular no. 06 Version Details Date
591 Original circular November 12, 1974
---- 1 Insertion into Proper
Conduct of Banking
Business Directives
August 1991
1620 2 Update January 31, 1993
---- 3 Updated file of Proper
Conduct of Banking
Business Directives
December 1995
2637 4 Update December 30, 2020