Regulatory Alerts2007-09-24 | 9708Added · Updated
Cash Transfers according to the Hawala System
The Central Bank of Lebanon issued Decision No. 9708 to regulate informal money transfer systems (Hawala) by restricting operations exclusively to Category A exchange houses. The regulation imposes strict compliance requirements, including mandatory prior written notification, detailed record-keeping for five years, and adherence to anti-money laundering laws and risk-based verification procedures. Additionally, it caps individual transaction values at $20,000, limits aggregate annual volumes to ten times the institution's capital, and prohibits settlement via barter or bank transfers.
Topics
Share