Country Manual Private Banking
Israel permit qualified
out of Bank’s Country of Establishment (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date. We can confirm that there have not been any relevant legal or regulatory changes in Israel since the last update, with the exception of the following one related to debit and credit cards.
The ISA is still examining its position regarding the territorial applicability of the new law to foreign banks. It has issued a “no-action” letter according to which, until further notice from the ISA, such foreign banks do not need to apply for a license in connection with their existing activity.
As of June 2024, the issuance of debit cards and credit cards constitutes a regulated activity requiring a separate license from the ISA and is primarily governed by the Payment Services and Payment Initiation Regulation Law,2023.
Non-material changes
Some content has been amended and/or slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
BT Short Comparison
This document allows users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “ISRAEL PERMIT QUAL” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, August 5th, 2025