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Israeli banks restricting foreign customers who won’t waive secrecy

The banks are apparently complying strictly with new Bank of Israel directives meant to combat tax evasion.

1215877-57-David Zaken-  Dudu Zaken - GLOBES


In recent years, banks in Israel and abroad have raised their levels of vigilance in relation to overseas customers, following tighter regulation in this area, designed particularly to combat tax evasion through bank accounts outside the customer’s country of residence.

Israel has also come into line on this. Three months ago, Supervisor of Banks David Zaken published directives to the Israeli banks on how to deal with overseas resident customers. Among other things, such customers are required to declare that the money in their accounts has been reported as required to the tax authorities in their countries. Another important clause requires that customers should sign on their agreement to waive banking confidentiality vis-a-vis overseas regulatory authorities. This allows the bank to transfer information on their customers to overseas authorities without asking the customer’s permission, and perhaps even without their knowledge…

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