Regulatory Alerts2024-06-24
Circular 10/2024: Enhanced Due Diligence and Risk-Based Measures for Politically Exposed Persons (PEPs)
The Central Bank of Libya issues Circular 10/2024 to mandate financial institutions and designated non-financial businesses and professions (DNFBPs) to implement enhanced due diligence and risk-based measures for Politically Exposed Persons (PEPs). The circular requires institutions to obtain senior management approval, verify the source of wealth and funds, conduct enhanced ongoing monitoring, and maintain accurate records in strict alignment with FATF recommendations. It further establishes clear reporting obligations, compliance supervision protocols, and a standardized risk categorization framework to mitigate money laundering and terrorist financing risks.
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