Regulatory Alerts2014-09-01
Added
Debits by Authorization
The Bank of Israel amends the Proper Conduct of Banking Business Directive 439 to streamline the setup, transfer, and cancellation of debit authorizations. Banks must now respond to authorization requests within five business days, allow customers to cancel debits within three business days, and facilitate the transfer of authorizations between banks using a standardized report. The amendments remove previous burdens of proof and written form requirements for cancellations, mandate the display of beneficiary names on statements, and require banks to enable customers to verify beneficiary identities and receive updated authorization reports. These changes take effect on October 1, 2015.
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