Regulatory Alerts2020-12-30
Transferring Activity and Closing a Customer’s Account (E)
The Bank of Israel issued Circular C-06-2639 to update Proper Conduct of Banking Business Directive 432 regarding the transfer of activity and closing of customer accounts. The amendments introduce Section 4(a) granting the Supervisor of Banks authority to issue specific directives or exemptions for anomalous cases, and Section 3b to explicitly define the term 'Customer' for clarity. These changes take effect upon publication of the circular.
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