Regulatory Alerts2012-11-20
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Circular 20/2012: Verification of the Financial Soundness of Commercial Banks
The Central Bank of Libya requires commercial banks to verify and review the accuracy of data in their financial statements 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' Bylaws, and previous circulars regarding internal audit, risk management, and compliance units.
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