Regulatory Alerts2024-08-23 | 13659The Application of Law 347 Dated 6/8/2001 concerning the Regulation of Money Dealers
The Acting Governor of the Central Bank of Lebanon issued Intermediary Decision No. 13659 to amend the implementing regulations of Law 347 (2001) governing money dealers. The decision mandates all Category A and B money dealer institutions to install the Lebanese Money Dealers Association’s targeted financial sanctions (TFS) application on mobile phones and electronic devices without delay. This measure operationalizes UN, international, and domestic sanctions lists in compliance with FATF recommendations and the AML/CFT Law No. 44 (2015).
Intermediary Circular No. 705
For Money Dealers Institutions
We enclose a copy of Intermediary Decision No. 13659 dated August 23, 2024, regarding the amendment of the implementing system of the law regulating the money dealer profession attached to Basic Decision No. 7933 dated September 27, 2001, subject of the basic circular for money dealers institutions No. 3.
Beirut, August 23, 2024 Acting Governor of the Central Bank of Lebanon
Dr. Wissam Mansouri
Intermediary Decision No. 13659 Amending Basic Decision No. 7933 dated September 27, 2001
The Governor of the Central Bank of Lebanon, Based on the provisions of Anti-Money Laundering and Counter-Terrorist Financing Law No. 44 dated November 24, 2015, particularly Article 4 thereof, Based on the provisions of Law No. 347 dated August 6, 2001, concerning the regulation of the money dealer profession, Based on Basic Decision No. 7933 dated September 27, 2001, and its amendments, concerning the implementing system of the law regulating the money dealer profession, Based on the recommendations of the Financial Action Task Force (FATF), Based on the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on August 21, 2024,
Decides as follows:
Article One: The following item (27) is added to the section "Second, Article Fifteen of the implementing system of the law regulating the money dealer profession attached to Basic Decision No. 7933 dated September 27, 2001", its text being: « (27) All money dealers institutions of categories (A) and (B) are required to install the special application concerning international, domestic, and UN sanctions lists launched by the Lebanese Money Dealers Association on their mobile phones and any electronic devices they use, in order to activate the targeted financial sanctions (TFS) application without delay. ».
Article Two: This decision takes effect upon its issuance.
Article Three: This decision is published in the Official Gazette.
Beirut, August 23, 2024 Acting Governor of the Central Bank of Lebanon
Dr. Wissam Mansouri