Regulatory Alerts2020-01-01
Bank of Israel Circular Amending Semiannual Compliance Risk Reporting
The Bank of Israel issued Circular no. C-06-2602 to amend Directive no. 825 regarding the semiannual reporting of exposure to compliance risk for banking corporations and credit card companies. The revised directive mandates updated reporting requirements effective January 1, 2020, while explicitly waiving the submission obligation for the December 31, 2019 reporting period. The circular also provides specific instructions for updating the relevant directive files by replacing designated pages with new versions dated January 2020.
Bank of Israel Banking Supervision Department Policy and Regulation Division January 22, 2020 Circular no. C-06-2602 Attn: Banking corporations and credit card companies Re: Semiannual Report on Exposure to Compliance Risk (Reporting to Banking Supervision Directive no. 825) Introduction
- As part of the process of identifying and assessing risks, it was decided to amend the Reporting to Banking Supervision Directive no. 825. The Revisions to the Directive Directive no. 825—Semiannual Report on Exposure to Compliance Risk
- The new directive amends the required reporting, as detailed in the Directive. Effective date
- This Directive shall go into effect on January 1, 2020
- As a one-off provision, a report is not to be submitted for December 31, 2019. Questions and clarifications
- Regarding questions and clarifications, see the tables in Reporting to Banking Supervision Directive no. 803 (Banks’ reports). Update of file
- Update pages for the Reporting to Banking Supervision Directives file are attached. Following are the provisions of the update: Remove page Insert page (6/16) [2] 825-1-4 (1/20) [3] 825-1-5 (2/16) [1] 825-5-9 (1/20) [3] 825-6-10 Respectfully, Ms. Ricky Elias Deputy Supervisor of Banks