Regulatory Alerts2016-04-13
Added · Updated
Circular 5/2016
The Central Bank of Libya mandates that commercial banks designate specific branches for remittance services and link them to the foreign currency monitoring system, requiring the use of national IDs and valid passports to verify individual annual limits. Transactions for prepaid cards, debit cards, and credit cards must be registered in the system before issuance or funding, and remittance or international card services are restricted exclusively to Libyan citizens. Banks must submit detailed transaction reports from providers like MoneyGram and Western Union, as well as settlement reports from Visa or MasterCard, to obtain foreign currency coverage, with non-compliance resulting in the suspension of all coverage.
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