Regulatory Alerts2018-11-13
Transferring Activity and Closing a Customer’s Account
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 432 to facilitate the closure of accounts and transfer of banking activity to other institutions. The updates require banks to enable remote processing via e-banking, allow checkbook shredding, and obtain consent from all account owners without mandatory branch visits. These changes aim to minimize the need for customers to appear in person while ensuring legal compliance and proper authorization.
Share