Regulatory Alerts2024-06-24
Circular No. 9/2024: Implementation of AML/CFT Provisions and Visa-Mastercard Payment Services
The Central Bank of Libya issues Circular No. 9/2024 to establish comprehensive regulatory requirements for payment service providers, with specific focus on Visa-Mastercard operations and centralized licensing through CBLKEY. The Circular mandates a minimum paid-up capital of 500,000.00 Libyan Dinars, enforces strict adherence to the Anti-Money Laundering and Combating the Financing of Terrorism Law, and requires robust Know Your Customer (KYC) procedures aligned with Circular No. 2/2016. Furthermore, it grants the Central Bank authority to conduct on-site and off-site inspections, maintain a public registry of licensed providers, and suspend or revoke licenses for non-compliance.
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