Regulatory Alerts2012-11-20
Added · Updated
Circular 20/2012 Regarding the Verification of Financial Soundness in Commercial Banks
The Central Bank of Libya requires commercial banks to verify the accuracy of their financial data by activating the role of their internal audit departments, which are made directly responsible for the correctness of the bank's financial position. This directive is issued pursuant to Articles 81 and 83 of Banking Law No. 1 of 2005, Article 49 of the commercial banks' statutes, and previous circulars regarding internal audit, risk management, and compliance units.
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