Regulatory Alerts2018-12-04 | 12935Central Bank of Lebanon Circular No. 511: Amendment of Decision No. 6908 Regarding Cash Deposit and Withdrawal Procedures and Cheque Drawing Rules
The Central Bank of Lebanon issued Circular No. 511 to amend Decision No. 6908, imposing strict operational standards and significant financial penalties for non-compliance in cash handling and cheque processing. The regulation mandates specific packaging requirements for cash deposits, restricts certain off-box deposit operations to monthly schedules, and enforces mandatory currency coding on all cheques. Violations of these protocols trigger substantial fines deducted directly from banks' accounts, with penalties scaling up for repeated infractions or severe procedural breaches.
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