Regulatory Alerts2022-06-07
Central Bank of Libya Periodic Letter No. 15/2017 on Regulations for Opening Accounts of Public Entities in Banks
The Central Bank of Libya issued Periodic Letter No. 15/2017 to enforce strict compliance with the Ministry of Finance’s prior approval requirement for commercial banks opening accounts for public entities. The directive mandates that all future account openings must be covered by this approval, repeals the previous Periodic Letter No. 170/2016, and subjects all branches to periodic inspections with applicable penalties for non-compliance. Banks must immediately align their operations with Law No. 1 of 2005 and the State Financial Law to avoid sanctions during routine supervisory audits.
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