Regulatory Alerts2019-09-03 | 13100Opening of Bank Accounts
The Central Bank of Lebanon issued Basic Decision No. 13,100 (Circular No. 147) to mandate that banks require a Ministry of Finance registration certificate when opening accounts for resident natural or legal persons and to update existing account files accordingly. The decision further regulates the return and re-crediting of unendorsed cashier's checks, mandates transparency in deposit account commissions, establishes anti-money laundering compliance conditions for check acceptance, and requires banks to report foreign-currency grant conversions to the Banking Control Commission. It grants a compliance deadline of December 31, 2020, for file updates and stipulates immediate effect upon issuance alongside standard publication and administrative penalty provisions.