Regulatory Alerts2023-07-12
Added · Updated
Circular 4/2023: Obligations Regarding Credit Information Center Data Submission and Inquiries
The Central Bank of Libya mandates that all banks submit complete and accurate credit data for all existing facilities to the Libyan Credit Information Center (LCIC) electronically via the Core Banking System according to approved technical specifications. Banks are required to verify customer credit history before granting or renewing any financing, retain copies of credit reports, and provide quarterly hard copies of granted facilities. Additionally, banks must immediately report any non-performing loans to trigger the suspension of the CBL-KEY code until settlement, ensure the confidentiality of customer information, and promptly correct any discrepancies identified by the LCIC.
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