Regulatory Alerts2023-07-12
Central Bank of Libya Circular No. 15/2012
The Central Bank of Libya issued Circular No. 15/2012 to mandate commercial banks and the Libyan Foreign Bank to open transparent, temporary electoral accounts for individual candidates and political entities participating in the General National Congress elections. The directive establishes two account categories subject to standard Know Your Customer (KYC) requirements, enables the National Elections Commission to monitor account balances and transactions, and specifies that accounts must be closed upon publication of the final candidate list or after final election results. Banks are instructed to process these account openings without requiring prior verification of candidacy status, as the required supporting documents will be submitted alongside standard candidacy applications.