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What are we doing this morning in the Knesset, and why are three months for a bank account so import

Chapter 7 (Banking and Credit) (Legislative Amendments for the Implementation of Economic Policy), 2023-2023, will be discussed this morning by the Economy Committee. Long and boring? Obviously. But most of the interesting things are usually buried behind long and tedious titles. Here's a story. The bill discussed today says that the bank has to report to the Bank of Israel (BOI) if it didn't open a bank account within three months. As for the BOI, it can sanction the banks and force them to open accounts.

So what did the bank reps do? Simple as that. They asked for three months from the last submission date. That sounds reasonable, doesn't it? Here's how it actually works: they ask for documents, wait a month or two, then ask for another one. Then another month, then another certificate. Afterwards, another two months and then the account output, and then a year, two, three years go by and there's no report, and as far as they're concerned, everything's fine.

Today, we're here to make sure that doesn't happen and to make sure the bill is clear. After three months, if the account isn't opened, report it. And hence the road to enforcement is very short. This is the way to open the market. We will update.

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