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Financial Sanctions

Financial sanctions on consumer issues

The Supervisor of Banks is authorized to impose a financial sanction on supervised entities, in respect of a breach of directives established by law. The Banking Supervision Department views financial sanctions as an important enforcement tool that serves as a deterrent and a means of enhancing compliance with consumer directives throughout the banking system.

Following is a compilation of press releases published on financial sanctions regarding consumer issues, which were imposed on the banking corporations.

Rectifying system-wide deficiencies and refunding groups of customers

The Banking Supervision Department locates system-wide deficiencies in the banking system via information received from customer complaints and from proactive examinations carried out on a regular basis. In cases where a system-wide deficiency is found, the Banking Supervision Department works to issue directives to rectify the deficiency, and requires the banking corporation to refund a relevant group of customers.

Following is a compilation of press releases published on the issue of rectifying system-wide deficiencies and refunding groups of customers.

Financial sanctions regarding anti-money laundering and combating the financing of terrorism (AML/CFT) issues

The Sanctions Committee for Banking Corporations was established by virtue of the Prohibition on Money Laundering Law, 5760-2000. As part of its enforcement measures regarding the prohibition of money laundering, it is authorized to impose financial sanctions on banking corporations (up to a maximum of NIS 2.26 million per violation), for breaches of the Prohibition on Money Laundering Law, orders, and regulations that were issued by its power.

Following is a compilation of press releases published on the issue of financial sanctions regarding AML/CFT that were imposed on the banking corporations.

This page was last updated on: 03/03/2024