Regulatory Alerts2021-12-23 | 13387Central Bank of Lebanon Circular No. 604: KYC and AML/CFT Requirements for Credit Institutions under Articles 183 and 184 of the Money and Credit Law
The Central Bank of Lebanon issued Circular No. 604 to amend its base circular by introducing comprehensive Know Your Customer (KYC) and anti-money laundering/counter-terrorist financing (AML/CFT) obligations for credit institutions. The regulation mandates strict identification of beneficial owners, implementation of risk-based and enhanced due diligence procedures, continuous monitoring, and the establishment of internal compliance officers and centralized databases. It further requires institutions to maintain detailed records for five years, cooperate with the Special Investigation Unit on blacklisted names, and apply standardized risk indicators to mitigate money laundering and terrorist financing exposures.
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