Regulatory Alerts2023-11-09
Circular ARM N No. 23/2023
The Central Bank of Libya (CBL) has issued Circular ARM N No. 23/2023, requiring all banks to establish a specialized committee for studying documentary credit opening requests. This directive comes in response to observed violations of existing circulars and controls, deficiencies in due diligence for anti-money laundering and combating terrorist financing, and weak internal audit procedures related to documentary credits. The committee, comprising internal audit, compliance, foreign operations, and other relevant departments, must verify the fulfillment of all conditions, issue a compliance certificate, and forward its minutes to the CBL for coverage approval.
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