Regulatory Alerts2018-10-03
Bank of Israel Circular C-06-2570: E-Banking Amendments
The Bank of Israel issued Circular C-06-2570 to amend Proper Conduct of Banking Business Directives 367 and 462, enabling customers to grant powers of attorney to licensed portfolio managers online. The regulation also permits corporations to waive receipt of explanations regarding such powers if signed before a lawyer and removes a bank transfer requirement for low-volume online acquiring accounts. Additionally, the circular updates file formats for current account balance information transfers to ensure uniform data interfaces.
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