Regulatory Alerts2022-06-07
Central Bank of Libya Circular (47-2017)
The Central Bank of Libya issued Circular No. 47-2017 to mandate commercial banks to open foreign currency sub-accounts for Libyan household heads corresponding to their local currency salary accounts. The directive requires banks to accept a commitment from applicants lacking existing current accounts, direct non-salaried applicants to their existing local account banks, and strictly link the foreign and local accounts to the personal expenditure purposes defined in Circular No. 2017/3. This measure reinforces supervisory oversight over foreign currency disbursements and ensures compliance with established Know Your Customer and account-opening regulations.
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