Regulatory Alerts2021-12-23 | 13385Central Bank Decision No. 13385 on the Application of Law 347 (Dated August 6, 2001) Concerning the Regulation of Money Dealers
The Central Bank of Lebanon, through Decision No. 13385 dated January 23, 2021, mandates money exchange institutions to implement a comprehensive risk-based approach for anti-money laundering and counter-terrorist financing compliance. The decision amends Article 5 of Decision No. 7933 by formally defining "Client" and "Beneficial Owner," while imposing strict obligations on institutions to conduct enhanced due diligence, maintain detailed transaction records, appoint certified compliance officers, and continuously monitor high-risk clients, politically exposed persons, and third-party reliance. Furthermore, it establishes a robust internal reporting framework requiring 48-hour notifications for suspicious activities, standardized risk scoring, and regular external audits to ensure alignment with Financial Action Task Force (FATF) recommendations.