Regulatory Alerts2023-09-21
Central Bank of Libya Circular No. 16/2023
The Central Bank of Libya issued Circular No. 16/2023 to authorize domestic banks to process foreign remittances on behalf of national airlines and insurance companies, enabling them to settle overseas obligations. Banks must verify all supporting transfer documents in line with Central Bank regulations, while airlines are required to submit approved original invoices directly to foreign beneficiaries and insurance companies must obtain case-by-case approval from the Insurance Supervision Authority. Both sectors must utilize the Central Bank's designated remittance forms, including Know Your Customer (KYC) templates, to ensure compliance with prevailing procedures.
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