Regulatory Alerts2024-06-24
Circular No. 6/2024
The Central Bank of Libya issued Circular No. 6/2024 to establish comprehensive regulatory requirements for the licensing, governance, and operational compliance of payment institutions. The directive mandates minimum capital thresholds, fit-and-proper assessments for key personnel, robust AML/CFT and cybersecurity frameworks, and standardized reporting protocols. It further empowers the Central Bank to conduct on-site inspections, enforce penalties for non-compliance, and suspend or revoke licenses to ensure financial stability.
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