Regulatory Alerts2023-07-12
Central Bank of Libya Circular No. 5/2016 on Fast Remittances and Electronic Bank Cards
The Central Bank of Libya issued Circular No. 5/2016 to regulate fast remittances (MoneyGram, Western Union) and electronic bank cards by mandating commercial banks to designate specific branches, connect them to the national foreign exchange monitoring system, and restrict international card issuance and fast remittances exclusively to Libyan citizens. The circular requires banks to verify customer identities via national IDs and valid passports, ensure all foreign exchange transactions are registered in the system to qualify for coverage, and submit detailed electronic reports on remittance settlements and card transactions. Non-compliant banks face suspension of all foreign exchange coverages, while the system automatically sets a shared annual limit for citizens that banks may allocate across card values and remittance counts.