Regulatory Alerts2007-08-16 | 9671Relationship Between Lebanese Banks and Financial Institutions and Their Affiliates Abroad
The Central Bank of Lebanon issued Basic Decision No. 9671 to establish a comprehensive regulatory framework governing the relationship between Lebanese parent banks and financial institutions and their foreign affiliates. The Decision mandates that parent companies obtain, review, and submit annual business plans, quarterly performance reports, monthly financial statements, and supervisory findings from their foreign affiliates to designated Central Bank departments. Furthermore, it requires the establishment of dedicated monitoring committees, annual internal audit dispatches, and strict compliance with internal control, risk management, and anti-money laundering standards, with implementation deadlines set for late 2007 and early 2008.
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