Imposition of monetary sanctions on a source of information that reports to the Credit Data Register – Postal Bank Ltd.
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 of 35 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 Haddad said: “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.”