Bank of Israel - Press Releases - Imposition of monetary sanctions on a source of information that reports to the Credit Data Register – Postal Bank Ltd.
Central bank: boi | Type: statement | Date: 2021-09-05

The monetary sanction was imposed on
the Postal Bank after it did not transfer reports to the Central Credit Data
Register regarding its customers as required by the law.  As a result, daily warnings were not reported
to the Credit Data Register regarding about 200 customers.
The Supervisor of Credit Data Sharing
today imposed a monetary sanction on the Postal Bank Ltd., totaling NIS
129,623, in accordance with his authority pursuant to the Credit Data Law,
5776–2016.  The sanction was imposed due
to the Postal Bank’s breach of its obligation to transfer information to the
Credit Data Register pursuant to the law.
In accordance with Section 3 of the
Credit Data Rules, 5778–2018, the amount of the sanction was determined
following a reduction of35
percent in view of the fact that the company has not breached any of the regulatory
directives in the past three years.Following the Supervisor’s intervention, the reporting problem was dealt
with.
Supervisor of Credit Data Sharing
Eyal Haddadsaid: “The information reported to the Credit Data Register has
an impact on millions of customers, and credit providers rely on it when
deciding whether to engage in a credit transaction with a customer.  The law attributes great importance to the
precision and reliability of the credit data that an information source
transfers to the Register.  As such, the
completeness and reliability of the information are immeasurably
important.  Therefore, I decided to
impose this sanction on the Postal Bank. 
I truly hope that such breaches will not be repeated, and that the
continuity, quality, and precision of reporting by all information sources
reporting to the Central Credit Data Register will be maintained.”​