Extension of Temporary Provision for New Immigrant Account Opening Under Directive 411

Banking Supervision Department
Jerusalem, December 31, 2023
Circular No. C-06-2770
Attn: The Banking Corporations and Acquirers Re: Management of Anti-Money Laundering and Countering Financing of Terrorism Risks (Proper Conduct of Banking Business Directive No. 411) Introduction

1. Within the framework of Circular 06-2748 dated June 12, 2023, Appendix B.5
   was added to Proper Conduct of Banking Business Directive no. 411, on “Management of Anti-Money Laundering and Countering Financing of Terrorism Risks”. In Appendix B.5, a relief was established regarding the issue of opening an account based on a New Immigrant certificate up to 90 days from the date it was issued (“Appendix B.5”). Appendix B.5 was established as a temporary provision, valid through December 31, 2023.
2. In accordance with an update received from the Population and Immigration
   Authority on the issue, the need arose to extend the validity of the temporary provision anchored in Appendix B.5, through June 30, 2024.
3. The Arrangement was not accompanied by the publication of a report under the
   Principles of Regulation Law, 5782-2021, because the notable direct and indirect effects that the regulation is expected to have on the entities on which it is intended to apply or on other protected interests, including the cost of complying with it, are not material,, and this is in accordance with Section 34(c)(2) of the Principles of Regulation Law, 5782-2021.
4. In view of the above, and after consulting with the Advisory Committee on
   Banking Business Affairs, and with the approval of the Governor, I have amended Directive 411, such that in Appendix B.5, “December 31, 2023” shall be replaced by “June 30, 2024”. Effective date
5. January 1, 2024.
   File update
6. Following are the updates to the Proper Conduct of Banking Business file:
   Remove pages Insert pages
   (06/23) [24] 411-1-41 (12/23) [25] 411-1-41 Respectfully, Daniel Hahiashvili Supervisor of Banks