Regulatory Alerts2023-10-03 | 13587Opening of Bank Accounts
The Acting Governor of Bank Lebanon issued Interim Decision No. 13587 to amend Basic Decision No. 13100 regarding the opening of bank accounts. The decision mandates that banks refrain from imposing new commissions on deposit accounts not previously charged before October 31, 2019, and requires them to publish a detailed regulation outlining actual account costs, calculation methods, and collection mechanisms by October 16, 2023. Non-compliance triggers administrative penalties under Article 208 of the Monetary and Exchange Law, with oversight assigned to the Banks Supervision Committee.
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