Millions in penalties on Israeli banks. Bank Hapoalim and Bank Leumi face fines of one million shekels each, while Isracard Financial Company faces a fine of 250,000 shekel.
The Bank of Israel revealed that the sanctions are part of a crackdown on service interruptions and consumer issues after an investigation conducted by officials at the Bank ofIsrael. The Jerusalem Post points out that customers are left to bear the brunt of poor service, while financial institutions face minimal consequences, due to lapses in compliance.