Regulatory Alerts2022-07-19 | 13462Conditions for the Establishment of Persons Governed by Articles 183 and 184 of the Code of Money and Credit
The Governor of the Central Bank of Lebanon issued Decision No. 13462 to amend Basic Decision No. 12174, updating the record-keeping, risk classification, and due diligence requirements for lending accounts under Articles 183 and 184 of the Code of Money and Credit. The revised provisions mandate a five-year retention period for client and beneficial owner records, require senior management to implement risk-based policies, and standardize due diligence application for existing clients. Furthermore, the decision establishes group-level compliance frameworks for financial institutions operating abroad, ensuring consistent anti-money laundering and counter-terrorist financing measures aligned with host country regulations.
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