Regulatory Alerts2017-11-28 | 12725Cybercrime Prevention
Banque Libanaise issued Basic Decision No. 12725 to mandate banks and financial institutions to implement comprehensive administrative, technical, and judicial policies against cybercrime. The decision requires these entities to establish dedicated working groups, allocate budgets for information security, adopt multi-factor authentication and encryption protocols, and enforce strict internal procedures for electronic fund transfers. Furthermore, it obligates institutions to promptly notify customers of risks, report incidents to the Special Investigation Commission, and ensure rapid corrective actions including fund cancellation and refunds upon confirmed cyber fraud.
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