Regulatory Alerts2023-11-21
Adjustments to Proper Conduct of Banking Business Directives for the “Swords of Iron” War (Temporary Directive)
The Bank of Israel’s Banking Supervision Department issued a temporary directive granting banking corporations operational flexibilities to mitigate the economic and staffing impacts of the “Swords of Iron” War. The measures include permitting virtual board participation to count as physical attendance, extending risk management policy and mandatory vacation deadlines to early 2024, and relaxing housing loan signature and approval timelines. Additionally, the directive authorizes higher loading limits on prepaid cards for nonprofit organizations assisting war-affected families while maintaining anti-money laundering compliance standards.
Share