Regulatory Alerts2009-12-01
Added · Updated
Circular 15/2012 on Regulations for Opening Bank Accounts for General National Congress Electoral Campaigns
The Central Bank of Libya mandates commercial banks to open temporary, transparent electoral campaign accounts for individual candidates and political entities participating in the General National Congress elections. These accounts must comply with standard Know Your Customer (KYC) rules, and the National Elections Commission is granted access to view account balances and transaction histories. All such accounts must be closed immediately upon the publication of the final candidate list for those not approved, or after the final election results are announced for approved candidates.