Regulatory Alerts2020-06-30
Additional Adjustments to Proper Conduct of Banking Business Directives for Dealing with the Coronavirus (Temporary Provision)
The Bank of Israel issued Circular no. C-06-2622 to provide banking corporations with managerial flexibility during the coronavirus crisis by extending mandatory compliance deadlines. The directive allows banks to defer internal audit and operational risk surveys by up to six months if their cyclical periods ended in 2020. Additionally, the regulator eased uninterrupted vacation requirements for employees who worked alternating schedules between March and May 2020, reducing the mandatory consecutive leave for sensitive roles from ten to six days.
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