Regulatory Alerts2020-12-09 | 13297Implementation of Law No. 193 of 16/10/2020 (Transfers for Lebanese Students Abroad)
The Central Bank of Lebanon issued Basic Decision No. 13297 to implement Law No. 193, mandating all Lebanese banks to process foreign currency transfer requests for students studying abroad while securing funds from their correspondent accounts overseas. To prevent misuse and duplication, banks must route these requests through a centralized information system managed exclusively by the Association of Lebanese Banks. The regulation requires each bank to obtain clients' explicit waivers of banking secrecy for this centralized verification and takes immediate effect upon issuance.
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