Central Bank of Lebanon Circular No. 489: Amendment of Decision No. 7299 on ATMs and Credit Cards

Circular No. 489

For banks, financial institutions, Lebanese and foreign companies licensed to issue debit, payment, or credit cards

We enclose a copy of Decision No. 12774 dated 23/3/2018 concerning the amendment of the Basic Decision No. 7299 dated 10/6/1999 (ATMs and Credit and Debit Cards) attached to Basic Circular No. 63.

Beirut, March 23, 2018

Governor of the Central Bank of Lebanon

Riad T. Salamé

Decision No. 12774

Amendment of Basic Decision No. 7299 dated 10/6/1999 Concerning ATMs and Credit and Debit Cards.

The Governor of the Central Bank of Lebanon,

Pursuant to the Monetary and Discount Law, particularly Articles 70 and 174 thereof,

Pursuant to Law No. 133 dated 26/10/1999 concerning the tasks of the Central Bank of Lebanon,

Pursuant to Basic Decision No. 7299 dated 10/6/1999 and its amendments concerning ATMs and Credit and Debit Cards,

And pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its session held on 21/3/2018,

Decides as follows:

Article One: The text of paragraph (a) of point 3 of Article 3 bis of the Basic Decision No. 7299 dated 10/6/1999 is repealed and replaced with the following text:
"a) Prohibit the use of cards by merchants on Point of Sale (POS) devices installed with them, or their complete use or swiping on any other device (Double Swipe)."

Article Two: The text of point "third" of Article 3 bis of the Basic Decision No. 7299 dated 10/6/1999 is repealed and replaced with the following text:
"third: Banks and institutions issuing credit and debit cards must use EMV technology, which relies on the use of electronic chips and PIN numbers, for issuing all credit and debit cards. Banks and institutions concerned are granted a deadline of 30/6/2019 to comply with the provisions of this point."

Article Three: This Decision shall be enforced upon its issuance.

Article Four: This Decision shall be published in the Official Gazette.

Beirut, March 23, 2018
Governor of the Central Bank of Lebanon

Riad T. Salamé