Regulatory Alerts2022-06-07
Central Bank of Libya Periodic Letter No. 54/2015
The Central Bank of Libya’s Banking and Currency Control Department issues this directive to enforce strict, continuous reporting by commercial banks on fraud, embezzlement, deception, cheating, non-sufficient funds check issuance, and robbery incidents. Banks must promptly submit comprehensive case details—including branch information, incident descriptions, affected amounts, recovery values, perpetrator profiles, and final administrative actions—along with background facts to the regulatory authority. This directive mandates full compliance with previous circulars, requiring initial reports within one week of receipt and establishing a standardized format for all future submissions.
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