Circular 5/2015 on Regulations Governing the Use of Electronic Travel Cards

Central Bank of Libya
P.O. Box 1103, Telegram Address: Masaribya - Tripoli - Libya

Reference: CBL/Gen 804
Circular CBL No. (2015/5)
Date: 17 Dhu al-Qi'dah, 1436 AH
Corresponding to: 1 September 2015 AD.

To: General Managers of Commercial Banks
To: Heads of Temporary Administrative Committees at Commercial Banks
To: General Manager, Libyan Foreign Bank

With greetings...,
Subject: Regulations Governing the Use of Electronic Travel Cards.

Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments, and on the supervisory and regulatory role of the Central Bank of Libya under the provisions of the Law.
And with reference to Circular CBL No. (16) of 2003 issued on 3/11/2003, regarding granting permission to commercial banks to commence issuing prepaid travel cards.
And to Circular CBL No. (4) of 2014 issued on 5/11/2014, regarding confirming the necessity of adhering to regulations governing the use of electronic travel cards.
And to Circular CBL No. (5) of 2014 issued on 31/12/2014, which stipulated the caps for daily, weekly, and monthly withdrawal processes using electronic cards.
And to Circular CBL No. (1) of 2015 issued on 14/1/2015, regarding clarifying banks' inquiries related to Circular CBL No. (5) of 2014, mentioned above.
And to the outcomes reached in the meeting of Mr./Director of Payments and Settlements Department at the Central Bank of Libya with commercial banks, held on Thursday 27/8/2015, to discuss problems related to the use of electronic travel cards and find appropriate solutions.
And in light of the Central Bank of Libya's commitment to monitoring and developing regulations regarding the issuance and use of the electronic travel card product, organizing and standardizing commercial banks' requests for foreign currency cover for this product, as well as ensuring its optimal use by beneficiaries, controlling and addressing any violations resulting from its use, and emphasizing the necessity of adhering to regulations issued in this regard, you are requested to adhere to the following:

1. The electronic travel card, of all its types, is defined as an individual product targeting retail customers for domestic and external use in personal matters.
2. Customer card compliance requires providing the National ID document as a fundamental requirement for issuing any new electronic card, maintaining a current account at the bank, obtaining National IDs for all previously issued cards, and suspending all top-up and reactivation operations for cards not linked to a National ID.
3. The annual card limit is (10,000.00 $) only ten thousand US dollars, or its equivalent in foreign currencies, non-cumulative.
4. The daily cash withdrawal limit via the card through ATMs is (200.00 $) only two hundred US dollars, or its equivalent in foreign currencies, not exceeding (4,000.00 $) only four thousand US dollars, or its equivalent in foreign currencies, monthly.
5. The daily cash withdrawal limit through point-of-sale (POS) terminals is (50.00 $) only fifty US dollars, or its equivalent in foreign currencies, deducted from the daily cash withdrawal balance.
6. The limit for purchase and payment operations on various other channels, including POS and INTERNET networks, is set at (1,500.00 $) only one thousand five hundred US dollars, or its equivalent, daily; not exceeding (2,500.00 $) only two thousand five hundred US dollars, or its equivalent, weekly; and capped at a maximum of (4,000.00 $) only four thousand US dollars, or its equivalent in foreign currencies, monthly, from the date of the last card usage.
7. The card shall not be issued to persons who have not reached the legal age of majority.
8. Each bank is committed to not exceeding the limits specified above; the annual card limit, and daily, weekly, and monthly cash withdrawal limits, as well as POS usage limits, apply to a single customer identified by their National ID.
9. Each bank has the right to set a limit lower than those mentioned above, according to its required capacity for foreign currency cover of the card product, as well as determining usage locations in a manner consistent with Islamic Sharia principles and prevailing laws.
10. The instructions issued pursuant to Circular CBL No. (5) of 2014 on 31/12/2014, specifying limits for daily, weekly, and monthly withdrawal processes using electronic cards, are hereby repealed.

Therefore, you are requested to adhere strictly and take necessary measures to implement the aforementioned instructions, whereby the specialized departments and units in your banks (Audit, Compliance, AML) will monitor actions taken by the Cards Department regarding cards operations and electronic card issuance, in accordance with all instructions issued by the Central Bank of Libya specifically for this purpose. Exercising their delegated authorities, and emphasizing the necessity of complying with CBL instructions in this regard, all bank branches issuing these cards will be subject to periodic inspection tasks to verify their compliance with the regulations governing electronic travel card issuance. In case of non-compliance, penalties stipulated under Law No. (1) of 2005 concerning Banks and its amendments will be applied.

Peace, mercy, and blessings of Allah be upon you...

Abdulhafeez Masoud Tribil
Director of Banks and Currency Supervision Department / Kufra

Mr./ Deputy Governor
Mr./ Chairman of the Committee for Covering Banks' Foreign Accounts - Central Bank of Libya
Mr./ Director of Legal Rules Department - Central Bank of Libya
Mr./ Director of Payments and Settlements Department - Central Bank of Libya
Mr./ Director of the Accounts Department - Central Bank of Libya
To: Managers of Central Bank of Libya Branches (Benghazi - Sabha - Sirte)
Mr./ General Manager of the Ports and Financial Services Company
To: Directors of Departments and Units at Banks (Audit, Compliance, AML)
Data and Statistics Department
Media Monitoring and Compliance Control Department

Eng. Abdulhafeez
3/1/2015 AD.

www.cbl.gov.ly, swift code: CBLJLYLX, Fax: +218 21 444 1488, Tel: +218 21 333 3591