Circular 15/2012 on Regulations for Opening Bank Accounts for General National Congress Electoral Campaigns

Central Bank of Libya P.O. Box: 1103, Postal Address: Libya - Tripoli

Reference: 804/15 Circular No. (15/2012) Date: 19 Jumada al-Thani 1433 AH Corresponding to: 10 May 2012 AD

To: General Managers of Commercial Banks To: Heads of Interim Administrative Committees of Commercial Banks To: General Manager of the Libyan Foreign Bank

Greetings,

Based on the provisions of Law No. (1) of 2005 concerning Banks, and implementing the supervisory and regulatory role exercised by the Central Bank of Libya on commercial banks.

And based on the provisions of Circular No. (2009/13) issued on 1/12/2009, which circulated the decision of the Board of Directors of the Central Bank of Libya No. (36) issued on 15/11/2009, concerning the rules governing the opening of bank accounts in commercial banks.

And with reference to the letter of the Chairman of the National Elections Commission with Reference No. 92 dated 3/5/2012, addressed to the Governor of the Central Bank of Libya, which referred to Law No. (3) of 2012 concerning the establishment of the Supreme Elections Commission, and Law No. (4) of 2012 concerning the election of the General National Congress, and the Commission's decision No. (38) of 2012 concerning the candidate registration regulations, which stipulates in Article (5) the necessity of opening an account in one of the local banks.

And in the context of preparing the electoral process and ensuring its smooth operation within the specified time, the Chairman of the Commission requested instructing all operating banks to open temporary campaign accounts that are transparent (open) to all, to be closed after the election of members of the General Congress is completed.

Therefore, we inform you that after presenting the matter to the Legal Department of the Central Bank of Libya to establish an executive framework for the requirement of the Supreme Elections Commission, and based on the opinion of the Legal Affairs Department that the opening of bank accounts for candidates (individuals and lists) is as follows:

• Opening special current accounts called electoral accounts, consisting of two categories:

  • An electoral account for an individual candidate: Standard Know Your Customer (KYC) rules apply to it.
  • An electoral account for a political entity: Opened in the name of the head of the list or his delegate – and the name of the entity or the candidate list is mentioned, in addition to complying with KYC rules.

• Enabling the Supreme Elections Commission to view the balance and movement of accounts opened for the purposes of the General National Congress elections, by the banks.

• It is not required for the opening of the electoral account that the fact of candidacy be established, as the documents for opening the electoral account are among the documents submitted when applying for candidacy.

• All electoral accounts for individual candidates and political entities whose candidacy was not approved shall be closed upon the publication of the final list of candidates (Article 15 of the candidate registration regulations).

• Electoral accounts for candidates from individuals and political entities shall be closed after the announcement of the final election results.

Therefore, you are requested to respond to requests to open bank accounts for the General National Congress elections submitted to you in accordance with the controls mentioned above.

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

"Dr. Mohamed Abdul Jalil Abousnina" Director of Banking and Currency Supervision Department

Copies to: Mr. Al-Hada'iq Mr. Danb Al-Hada'iq Mr. Chairman of the National Elections Commission Director of Legal Affairs Department (Central Bank of Libya) Branch Managers of the Central Bank of Libya (Benghazi - Sabha - Sirte) Copy to the Banking Group and accompanying communication

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