Regulatory Alerts2023-11-09
Circular 24/2023
The Central Bank of Libya requires banks to obtain prior approval before launching any new banking product or service, as mandated by Law No. 1 of 2005 and Circular I.R.M.N. (2021/243). Banks must complete and submit the attached application form detailing the product or service’s name, target customers, pricing, risk assessments, outsourcing status, distribution channels, and operational procedures. The Banking and Currency Supervision Department will review the submitted forms to grant or deny approval for the proposed launches.
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