We are very excited to announce that as of 2017, Emrich in Israel is the first to offer beneficiary research services for financial institutions in Israel, according to the Oversight Regulations of Financial Services (Pension Funds) (Locating of Members and Beneficiaries) 2012.
Financial Institutions in Israel
Section 3, Paragraph A of the 2012 Oversight Regulations of Financial Services (Pension Funds) (Locating of Members and Beneficiaries) states:
“Institutional organization will operate with reasonable diligence to find the member with whom contact has been severed, with the aim of bringing to his attention the money or rights to which he is entitled, to be found at the institutional organization […]”
As of 2016, at least two class-action lawsuits have been pending regarding the compliance of Israeli financial institutions in attempting to find lost account holders, beneficiaries and their heirs. In one suit, filed against one of the largest Israeli financial institutions, reparations are sought for the sum of 3.8 Billion Israeli Shekels. In the other, a judge makes a recommendation to use or consult with a professional finder of such lost persons.
At Emrich, we can help your organization maintain compliance with Israeli law and avoid such expensive lawsuits. Our professionals are trained and experienced and will save your company time and money in these absolutely necessary location attempts. If the individuals in question are not found, we will supply you with a full research report for your due diligence reporting requirements.
Contact us to set up a meeting.
Government, Semi-Government, Private Offices and Religious Institutions
Our office is equipped to provide various support services in whatever mission your organization seeks to fill. These may include document location and procurement (in Israel and abroad) as well as finding of lost persons and assistance with bureaucratic procedures.
Contact us to see what we can do for you.