Regulatory Alerts2023-09-21
Central Bank of Libya Circular No. 21/2023 on IT Governance Manual
The Central Bank of Libya issued Circular No. 21/2023, attaching an IT Governance Manual that establishes a comprehensive framework for managing information technology risks, data security, and cybersecurity across all supervised banks, specialized financial institutions, and electronic payment service providers. The directive mandates a structured three-phase implementation schedule spanning from July 2023 to December 2024, requiring institutions to progressively raise awareness, prepare IT infrastructure, and execute compliance evaluations. The Banking Supervision Department will enforce adherence through targeted inspection tasks to ensure full regulatory alignment with the manual's provisions.
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