Israel

The Order requires identification certificates to be kept for at least seven years after the account is closed or the transaction carried out (s. 7), and transaction details and instruction documents for at least seven years from the date recorded in the bank's books, longer if the Supervisor requires (s. 14). Directive 411 requires irregular-activity findings and report documentation to be kept no shorter than seven years (ss. 39, 40(c)).

A bank may not open an account without recording the identification particulars (Order s. 2(a)) and identifies customers before the first transaction in the account (s. 6(a)). Directive 411 applies KYC at account opening (s. 10(a)), uses a structured risk questionnaire (s. 29), requires enhanced measures for high-risk customers (s. 30) and screening of PEPs (ss. 58-61).

A banking corporation reports an unusual transaction by a service recipient to the competent authority (Order s. 9(a)). The Order sets no deadline; Directive 411 requires reports to be made as promptly as the circumstances allow and any justified delay documented (s. 40(b)).