Regulatory Alerts2019-09-19 | 13108Central Bank of Lebanon Mediator Circular No. 529: Amendment of Decision No. 7548 on Electronic Banking and Financial Operations
The Central Bank of Lebanon issued Mediator Decision No. 13108 to amend Decision No. 7548 regarding electronic financial and banking operations. The amendment mandates that electronic transfer service points publish an updated list of their centers on their websites and requires the Central Bank to annually publish a list of licensed institutions in the Official Gazette, including those ceasing operations for six consecutive months. Entities are granted a compliance deadline of December 31, 2019, for Articles One and Two, while the decision takes effect immediately upon issuance.
Mediator Circular No. 529
For Banks, Financial Institutions, and Institutions Engaging in Financial and Banking Operations via Electronic Means
Attached is a copy of Mediator Decision No. 13108 dated 19/9/2019 concerning the amendment of the Basic Decision No. 7548 dated 30/3/2000 (Financial and Banking Operations via Electronic Means) attached to Basic Circular No. 69.
Beirut, on 19 September 2019
Governor of the Central Bank of Lebanon
Riad T. Safadi
Mediator Decision No. 13108
Amendment of Basic Decision No. 7548 dated 30/3/2000 Concerning Financial and Banking Operations via Electronic Means
The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Discount Law, particularly Article 70 thereof, Pursuant to Law No. 133 dated 26/10/1999 concerning the tasks of the Central Bank of Lebanon, And pursuant to Basic Decision No. 7548 dated 30/3/2000 and its amendments concerning Financial and Banking Operations via Electronic Means, And based on the amendments returned to the Governor with the aim of ensuring the operation of the Central Bank of Lebanon based on the principle of continuity of the public service,
Decides as follows:
Article One: Article 5 of Basic Decision No. 7548 dated 30/3/2000 is amended by adding the following item (21):
"21- A list of electronic transfer service points/centers (Electronic Transfers Points) shall be published on their electronic website, along with any amendments to this list as soon as they occur. This list must include at least the following information: the name of the center, the address (district, town, street), the name of the center manager, the phone number...".
Article Two: The text of item (4) of Article 6 of Basic Decision No. 7548 dated 30/3/2000 is repealed and replaced with the following text:
"4- Comply with items (3) to (19) and item (21) of 'Article 5' of this Decision."
Article Three: The text of Article 11 of Basic Decision No. 7548 dated 30/3/2000 is repealed and replaced with the following text:
"The Central Bank of Lebanon shall publish in the Official Gazette a list of institutions licensed to conduct cash transfer operations via electronic means during the month of January of each year, and shall also publish in the Official Gazette any amendments to this list. This list shall apply to institutions that cease to practice their operations for a period of six consecutive months."
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Article Four: The concerned companies are granted a maximum deadline of 31/12/2019 to comply with the provisions of Articles One and Two of this Decision.
Article Five: This Decision shall take effect upon its issuance.
Article Six: This Decision shall be published in the Official Gazette.
Beirut, on 19 September 2019
Governor of the Central Bank of Lebanon
Riad T. Safadi