Regulatory Alerts2018-08-03 | 12850Added · Updated
Central Bank of Lebanon Circular No. 502: Amendment of Decision No. 7548 Concerning Electronic Banking and Financial Operations
The Central Bank of Lebanon issued Decision No. 12850 to amend Decision No. 7548, imposing stricter reporting and compliance requirements on banks and non-bank financial institutions conducting electronic money transfer operations. The regulation mandates detailed monthly and semi-annual submissions of financial data, updates on shareholder lists, and annual guarantee statuses via specific magnetic diskette formats. Additionally, it establishes new protocols for handling unclaimed funds, requiring institutions to maintain separate accounts, notify senders after 90 days, and remit 50% of residual balances to the Lebanese State after the statutory limitation period expires.
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