Regulatory Alerts2023-07-12
Central Bank of Libya Circular 10/2012 on Regulations for Settling Documents Received for Collection
The Central Bank of Libya issued Circular 10/2012, authorizing commercial banks to independently settle documents received for collection without prior Central Bank approval while implementing anti-forgery safeguards. The directive mandates that documents be routed through foreign beneficiary banks, verified as unpaid, accompanied by sealed original customs declarations and statistical code cards, and validated per Central Bank rules for first-time accounts. Banks must submit monthly tracking statements on CD to the Banking and Currency Control Department and remain subject to periodic branch inspections under Law No. 1 of 2005.
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