The Banking Supervision Department allows corporations to open bank accounts online

 

Another step to encourage digital banking activity:

The Banking Supervision Department allows corporations to open bank accounts online

 

The Banking Supervision Department is today publishing a revision to the directive on online banking (e-banking), which enables corporations[1], including companies, to open a bank account online without needing to go to the branch.  The revised directive (translation forthcoming) will come into force upon publication.

 

The revision enables remote identification and verification of the people who are authorized signatories to manage the corporation’s account, as well as online receipt of the documents required from the corporation when opening the account.

 

The revision of the directive is an important element in creating the infrastructure that will allow the banking system to offer corporations, and not just individuals[2], the ability to obtain additional banking services without needing to go to the branch.

 

Supervisor of Banks Yair Avidan said, “The measure announced today is another part of the overall trend of removing barriers upon which the Banking Supervision Department has embarked, with the aim of enabling the expansion of digital banking activity to corporations as well, thereby supporting the improved convenience and lower prices of consuming banking services for this group of customers as well.”



[1] Definition: A corporation as defined in Section (1) of the Prohibition of Money Laundering Order.  “Corporation” includes: a company, a registered partnership, a cooperative association, an “Ottoman society” (an association managed pursuant to the provisions of the Ottoman Law on Associations from 1909), a nonprofit organization, or a political party registered in Israel.

[2] Definition: Anyone not a corporation, such as a household or any authorized business that has not incorporated as a limited liability company.​