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3 November 2008
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AML-related Fine imposed on the Bank for deficiencies found during 2005-2006 Audit by Bank of Israel
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Israel Discount Bank Limited (TASE:DSCT) ("the Bank"), Israel’s third largest bank,
hereby wishes to advise that further to disclosure by the Bank in its Annual Report of 2007 and Interim Reports of Q1/2008 and Q2/2008,
the Supervisor of Banks announced that it has imposed a fine of NIS 3.7mio on the Bank.
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The fine was imposed subsequent to an audit conducted at the Bank during the period 2005-2006,
and whose findings indicated shortcomings in the Bank’s obligations with regard to the Anti Money Laundering Act,
relating to reporting and documentation requirements for banking corporations,
and in accordance with the Anti-Money Laundering regulations pertaining to both the timing and manner in which a banking corporation is required to report.
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Throughout the audit which was conducted in 2005,
the Bank cooperated fully with the auditors and implemented effective and operative measures aimed at remedying the findings and preventing their recurrence.
The Bank continues to assimilate and implement the obligations imposed on it in accordance with the law.
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The Bank wishes to advise that it has already made full provisions in this regard such that this will not impact its Q3/2008 results.
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About Israel Discount Bank
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Israel Discount Bank is the third largest bank and a leading financial group in Israel. With nationwide coverage, and a strong and growing domestic franchise, Israel Discount Bank provides a full spectrum of corporate and retail financial products and services to its clients, both in Israel and key financial centers around the world. Israel Discount Bank is a member of and is traded on the Tel-Aviv Stock Exchange under the ticker DSCT. For additional information, please visit the Company’s investor relations website at www.discountbank.co.il/IR
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Investor Relations Contact
Barry Simon
Investor Relations
Tel: +972 3 5146593
barry.simon@discountbank.co.il
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