Regulatory Alerts2022-07-19 | 13459Fighting Money Laundering and Terrorist Financing
Banque du Liban issued Circular No. 13459 to amend Fundamental Decision No. 12837, mandating financial intermediation institutions and collective investment bodies to strengthen anti-money laundering (AML) and counter-terrorist financing (CFT) compliance. The amended decision requires firms to retain comprehensive client and beneficial owner records for at least five years, implement risk-based due diligence procedures for existing clients, and establish robust governance frameworks including group-level compliance officers and cross-border correspondent banking protocols. Furthermore, it standardizes risk assessment documentation, mandates information sharing among branches and subsidiaries, and ensures alignment with Financial Action Task Force (FATF) recommendations to enhance regulatory oversight.