Regulatory Alerts2016-09-12
Added
Locating Dormant Deposits and Deceased Persons’ Accounts Project
The Bank of Israel establishes Proper Conduct of Banking Business Directive no. 436, requiring banks to deploy an online platform for locating dormant deposits and deceased persons’ accounts. Banks must display a referral to a dedicated web page on their home pages, appoint a specific officer to handle customer enquiries, and establish identification procedures for sharing information or withdrawing funds. The directive specifies that for balances under NIS 3,000, branch visits are not required for identification, and allows information sharing via telephone even without an e-banking agreement. Additionally, it permits instruction-by-telephone agreements for single-owner dormant deposits with balances not exceeding NIS 50 to facilitate fund transfers and account closure.
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