Regulatory Alerts2022-06-07
Added · Updated
Central Bank of Libya Periodic Letter No. 4 (2015)
The Central Bank of Libya mandates commercial banks to notify its Banking and Monetary Supervision Department about entities failing to submit customs declarations for foreign remittances, ensuring settlement within a maximum four-month period. Banks assume full legal responsibility for non-compliance under Law No. 1 of 2005, enforcing prior board decisions that extended settlement timelines for commercial import financing. Strict adherence to these reporting obligations ensures appropriate regulatory measures are applied to all processed foreign remittances.
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