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Banking Regulation

May 28, 2023

Israel: Regulating Payment Services and Payment Initiation

New provisions set out the licensing framework for the provision of payment services, designed to encourage new players to enter the Israeli market and offer payment services while providing broad protection to consumers. The law will apply to companies providing payment services, credit service providers, acquirers, and more.

June 13, 2022

Bank of Israel Continues to Regulate Use of Cryptocurrencies

The risk of money laundering is one of the main risks involved in using and trading cryptocurrencies. This amendment to Proper Conduct of Banking Business Directive 411 addresses how banks should manage money laundering and terror financing risks.

July 9, 2020

Fintech Companies: New Program to Facilitate Regulatory Reliefs

Although Israel is a world leader in the fintech field, companies operating in this area face many regulatory challenges. A newly published legal memorandum aims to enable the creation of a “sandbox”, with inspiration from various programs already implemented in Japan, Australia, and Singapore. The goal is to establish a unique experimental environment, a “regulatory sandbox,” where regulatory relief is granted to companies who choose to participate in the program.

December 23, 2019

Latest Developments in the Israeli Payments Market

The Bank of Israel recently led several important developments in the Israeli payments market, which are designed to encourage competition and to advance the implementation of innovative technologies.

September 26, 2019

Risk Management and the Latest Word on KYC and Preventing International Money Laundering

Together with Clifford Chance, we held a workshop for compliance officers and risk management department staff at Discount Bank and Bank Leumi. The workshop included discussions on money laundering enforcement trends, banks' obligations, and how to manage risk and provide service.

July 29, 2019

Payment Apps Will Enter Small Businesses

Bank of Israel published a position paper with respect to the activity of banks' payment apps in the B2C market. The position paper is the conclusion of a long battle waged by credit card companies against the banks.

July 4, 2019

Article: The Israeli Payments Market Remains Behind

Adv. Anat Even-Chen, a partner and our regulation expert, published an article in Globes describing the advancement of the payments market in Israel and its opening up to competition. This move requires courageous measures by regulators - the Capital Market Authority and the Bank of Israel.

May 1, 2019

Israeli Court Issues Principled Ruling on Banks’ Conduct with Monies Originating from Digital Currencies

The Tel Aviv District Court issued a ruling recently on a case concerning a bank’s conduct with funds whose source is digital currencies. The court expressly ruled that the bank’s blanket ban on the opening of bank accounts by clients engaging in digital currency activity is unreasonable.

June 19, 2017

Precedent Ruling: a Bank May Refuse to Provide Service to a Company Engaging in Virtual Currencies

Precedent set by the Tel-Aviv District Court rules that a bank may refuse to provide service to a company engaging in virtual currencies.
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