Central Bank of Libya KYC Compliance Circular (No. 2010/5)

No Democracy Without Popular Conferences

Central Bank of Libya
P.O. Box 1103, Tripoli / The Great Socialist People's Libyan Arab Jamahiriya Telex Address: Misr Filibia - Tripoli

Reference: Ref. No. 1054
Circular No. CBL/5/2010
Date: 02 Rabi' Thani / Corresponding: 18 Rabi' I, 1378 AH {2010 CE}

To the General Managers of Commercial Banks To the General Manager, Libyan Foreign Bank

Greetings,

Based on the provisions of Law No. (1) of 2005 CE and Law No. (2) of 2005 CE, issued on 1373/1/12 AH (2005 CE) regarding the combating of money laundering, and its executive regulations.

And referring to Circular No. (1) of 1370 AH (2002 CE) from the Governor of the Central Bank of Libya regarding anti-money laundering procedures, generalized via Circular Letter No. (CBL/85) dated 1370/6/5 AH (2002 CE).

And to the circular of the Banking and Monetary Supervision Department No. CBL/2005/1 issued on 2005/1/1 regarding the request to improve the level of banking services, simplify procedures, and apply customer identification policies (Know Your Customer).

And to the circular of this Department No. CBL/2007/12 issued on 2007/2/27 regarding the necessity of complying with customer identity verification forms (KYC).

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Therefore, you are requested to strictly comply with not opening any new bank accounts without using the customer identity verification forms (KYC) referred to in the aforementioned circular, and to work on rectifying existing accounts within a period of six months from its date. It is noted that bank account opening procedures will be subject to continuous inspection to ensure banks' compliance with these instructions, and banks bear responsibility for non-compliance, without prejudice to the personal liability of the branch manager and the bank's general manager in this regard.

Peace, mercy, and blessings of God be upon you,

" Dr. Mohamed Abdeljalil Abusnina "
Director of the Banking and Monetary Supervision Department

Copy to: The Governor .................................
Copy to: The Deputy Governor .......................
Copy to: Director of the Main Financial Information Unit, Central Bank of Libya Copy to: Deputy Director of Banking and Monetary Supervision Department (for follow-up) Copy to: Banking Follow-up and Compliance Monitoring Section
Copy to: Inspection Reports Follow-up Section .....................

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// Bracket / M.W.A. / Circular 5