Regulatory Alerts2023-07-12
Added · Updated
Circular 5/2017: Executive Procedures and Controls for Opening Accounts for Non-Profit Organizations and Institutions
The Central Bank of Libya mandates that banks obtain final approval from the Banking and Currency Supervision Department, following initial consent from the bank's General Manager and Compliance Unit, before opening accounts for non-profit organizations. Banks must submit foundational documents, including the approved statutes and board appointment minutes, to the supervisory department and ensure that authorized signatories certify the absence of other bank accounts. Account monitoring is restricted to the Compliance Unit Head, the Anti-Money Laundering Unit, and the General Manager through periodic reports.
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