Regulatory Alerts2022-06-07
Circular Letter No. 115/2013
The Central Bank of Libya issued Circular Letter No. 115/2013 to commercial banks and the Libyan Foreign Bank, mandating strict adherence to clearing check regulations by enforcing designated clearing periods. The directive requires banks to strengthen internal controls and audit functions, establish clear criteria for branch manager selection, and subject all clearing checks to fixed clearance timelines. Furthermore, it holds bank executives fully accountable for compliance failures and embezzlement risks to prevent overall financial deterioration.
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