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.
Central Bank of Libya P.O. Box: 1103, Telegram Address: Central Bank of Libya - Tripoli - Libya
Reference: CBLN/804 Circular No. 16/2023 Date: 22 Ramadan 1444 AH Corresponding: April 12, 2023 AD
To: The General Managers of Banks Greetings,
Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and on the supervisory and regulatory role exercised by the Central Bank of Libya over banks in accordance with the provisions of this law and Anti-Money Laundering and Counter-Terrorist Financing Law No. (1013) of 2017,
We hereby notify you of the Central Bank of Libya's instructions regarding granting banks operating in Libya the authority to execute foreign remittances for (national airlines operating in Libya - national insurance companies), enabling them to settle their foreign obligations, provided that all supporting documents for the transfer are furnished in accordance with the regulations and instructions issued by the Central Bank of Libya and prevailing procedures. Airlines must submit claims (original recent invoices) to foreign beneficiaries, with such claims approved by the respective airlines and under their full responsibility. Insurance companies must submit approval from the Insurance Supervision Authority for foreign transfers on a case-by-case basis, under their full responsibility. Both must comply with using the required forms for executing foreign remittances issued by the Bank, including forms used for Know Your Customer (KYC) policies.
Greetings,
Naji Mohammed Eissa Director, Banking and Currency Supervision Department
// Copy to //
- The Governor
- The Undersecretary of the Ministry of Economy, National Unity Government
- The Director of the Audit Department, Central Bank of Libya
- The Director of Payments and Settlements Department, Central Bank of Libya
- The Director of the Legal Department, Central Bank of Libya
- The Director of Accounts Department, Central Bank of Libya
- The Director of Information Technology Department, Central Bank of Libya
- The Credit Information Center, Central Bank of Libya
- The Director of Banking Operations Department, Central Bank of Libya
- The Director of the Libyan Financial Information Unit, Central Bank of Libya
- The Director General of Customs Authority
- The Deputy Director, Banking and Currency Supervision Department for Office Supervision and Compliance Follow-up Affairs
- To the Deputy Director, Banking and Currency Supervision Department for Inspection Affairs
- To the Deputy Director, Banking and Currency Supervision Department for Islamic Banking Affairs
- To: Banking Supervision, Benghazi
- To: Heads of Compliance Units in Banks (for follow-up)
- Follow-up Department - Banking and Compliance Monitoring Division