Regulatory Alerts2018-06-13 | 12826Central Bank of Lebanon Circular No. 498: Amendments to Anti-Money Laundering and Terrorist Financing Regulations and Related Financial Sector Rules
The Central Bank of Lebanon issued Circular No. 498 to formally define "Beneficial Owner" and mandate its identification across all regulated financial sectors, including banks, electronic banking, money dealers, leasing companies, and microfinance institutions. This directive amends multiple foundational decrees to enforce enhanced due diligence procedures, requiring institutions to identify natural persons owning or controlling at least 20% of equity or exercising control through other means. The regulation further mandates the maintenance of specific registers for beneficial owners and aligns Lebanese financial operations with Financial Action Task Force (FATF) standards.
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