Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular No. 6/2022: Conditions for Appointing Internal Audit, Risk, and Shariah Compliance Directors
The Central Bank of Libya mandates that banks and financial institutions appoint directors for Internal Audit, Risk Management, and Shariah Compliance departments who possess at least five years of relevant practical experience and specific approved certifications. These appointments require board decisions based on committee recommendations, prior approval from the Shariah Supervisory Authority for relevant roles, and submission of detailed personal questionnaires and CVs to the regulator. The directive requires existing staff to meet these standards within four months and prohibits dismissal without a reasoned board decision and regulatory approval.
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