Regulatory Alerts2023-07-12
Circular 1/2016
The Central Bank of Libya issued Circular 1/2016, amending Article 1 of Governor’s Decision No. 254 of 2014 to reduce the annual foreign currency sales limit for prepaid cards from $10,000.00 to $5,000.00 (or equivalent). Commercial banks and their interim administrative committees must implement this change by directing their Audit, Compliance, and Anti-Money Laundering departments to monitor card management operations in strict accordance with Central Bank directives. Banks are required to take all necessary measures to ensure ongoing compliance and report adherence to these updated regulatory instructions.
Share