Regulatory Alerts2023-11-09
Central Bank of Libya Circular No. 6/2023 on the Evaluation of Banks' Internal Control Systems
The Central Bank of Libya issued Circular No. 6/2023 requiring all commercial banks to complete and submit a standardized questionnaire evaluating their internal control systems by 15 February 2023. The circular mandates that banks demonstrate robust governance, accurate accounting frameworks, and comprehensive risk management covering credit, market, operational, liquidity, and electronic banking exposures. Furthermore, it requires banks to maintain documented policies, functional segregation, contingency plans for IT and outsourcing failures, and periodic Board oversight to ensure regulatory compliance and financial stability.
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