Circular 24/2023

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

Reference: I.R.M. 804
Circular: I.R.M. (24/2023)
Date: 29 Muharram 1445 AH
Corresponding to: 16 August 2023

To: General Managers of Banks
Greetings,

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and within the framework of the supervisory and regulatory role exercised by the Central Bank of Libya over banks operating in Libya.

With reference to Circular Letter I.R.M.N. No. (2021/243) dated 15 September 2021, regarding the requirement that no new banking product shall be launched without prior approval from the Central Bank of Libya.

Accordingly, you are requested to complete the attached form regarding the banking product or service intended for launch, and submit it to this Department for review and consideration of approval.

... Respectfully, ...

Naji Muhammad Aissa
Director, Banking and Currency Supervision Department

Copy to: The Governor
Copy to: Director, Payments and Settlements Department - Central Bank of Libya Copy to: Deputy Director, Banking and Currency Supervision Department for Office Supervision and Compliance Follow-up Copy to: Deputy Director, Banking and Currency Supervision Department for Inspection Copy to: Deputy Director, Banking and Currency Supervision Department for Islamic Banking Affairs Copy to: Heads of Compliance Units in Banks (for follow-up) To the Banking Service Quality Assurance Department Date: 2023

Tel: +218 21 333 3591 - Fax: +218 21 444 1488 - www.cbl.gov.ly - swift code: CBLJLYLX

Central Bank of Libya
Banking and Currency Supervision Department
Banking Service Quality Assurance Department

Form for Obtaining Approval to Launch a New Product or Service

No.	Description	Details
1	Product or Service	Name of the product or service
		Uses of the product or service
		Value added provided by the product or service
2	Target Customer Category for the Product or Service	Individuals <br> Corporate Entities <br> Public [ ] <br> Private [ ]
3	Pricing of the Product or Service	Pricing
		Payment terms
		Currency
4	Risk Assessment	Operational risks <br> Mitigation controls
		Money laundering and terrorism financing risks <br> Mitigation controls
5	Competent Department for Managing the Product or Service
6	Outsourcing	Yes [ ] No [ ] <br> If yes, a copy of the contract is attached

7	Distribution Channels	Service delivery channels
8	Marketing of the Product or Service	Target geographic area for marketing the product or service
		Expected market coverage ratio
		Advertising channels for the product or service
		Special offers for the product or service
9	Operations	Product or service operation manual
		Documentation cycle for providing a product or service

Name: ....................................
Title/Position: ....................................
Signature: ....................................