Regulatory Alerts2015-12-22 | 12147Implementation of UN Security Council Resolutions No. 1267 (1999), 1988 (2011), and 1989 (2011), and Any Related Successor Resolutions
Banque du Liban has issued Fundamental Decision No. 12147 requiring all licensed and supervised financial institutions to continuously monitor the UN Security Council website for sanctions list updates. The decision mandates that these entities automatically freeze the funds, accounts, and assets of newly listed names within hours without prior notice, while notifying the Special Investigation Unit with relevant details within a maximum of 48 hours. Additionally, institutions must report name matches to the Special Investigation Unit and face penalties under Article 13 of Law No. 44 (2015) for non-compliance with these immediate freezing obligations.
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