Circular 6/2026: Instructions for Regulating Direct Foreign Remittances Executed via Exchange Companies

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

Circular: CBL-I-R-M-N (6 of 2026)
Date: 1 Ramadan 1447
Corresponding to: 19 February 2026

To: General Managers of Banks
Heads of Boards of Directors of Exchange Companies Authorized to Conduct Business Greetings,

Subject: Instructions for Regulating Direct Foreign Remittances Executed via Exchange Companies

Based on the provisions of Law No. 1 of 2005 and its amendments, and on the supervisory and regulatory role of the Central Bank of Libya, and on the decision of the Board of Directors of the Central Bank of Libya No. 8 of 2024 regarding the final approval of exchange offices and companies, and the rules governing their work.

And with reference to Circular No. CBL-I-R-M-N (2/2026) regarding controls on the sale of foreign currency to individuals, Circular No. CBL-I-R-M-N (4/2026) regarding anti-money laundering and counter-terrorist financing controls for exchange companies and offices, Circular No. CBL-I-R-M-N (16/2025) regarding the profit margin on the sale of foreign currency, and Circular No. CBL-I-R-M-N (17/2025) regarding authorizing banks to open foreign currency accounts on behalf of exchange companies and offices, and to the decision of the National Committee for Combating Money Laundering and Terrorist Financing No. (6) of 2018 regarding the determination of amounts to be disclosed upon entering or leaving Libya, circulated via Circular No. (20/2025).

Accordingly, we inform you of the issuance of the Central Bank of Libya's instructions regarding the regulation of the mechanism for executing direct foreign remittances via licensed exchange companies and exchange businesses authorized by the Central Bank of Libya, for companies and small traders, to achieve speed of execution and prevent misuse of financial channels for smuggling, money laundering, or terrorist financing, according to the following controls:

First: Controls for Exchange Companies Authorized to Conduct Direct External Transfers:

1. Exchange companies licensed to conduct exchange business and activities, and which meet the conditions set forth in these instructions, are authorized to conduct direct foreign remittances on behalf of companies and small traders.

2. These remittances are to be used for commercial, industrial, and service purposes permitted by law, in accordance with applicable controls.

3. The following conditions must be met by the exchange company permitted to conduct foreign remittances:

• The exchange company must be licensed by the Central Bank of Libya to conduct exchange business, such that the license is valid and not subject to any precautionary measures, penalties, or suspension of activity that would prevent the provision of foreign remittance services.

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

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

• Full compliance with the Banking Law, the Anti-Money Laundering and Counter-Terrorist Financing Law, and all circulars, instructions, and decisions related thereto issued by the Central Bank of Libya and the Libyan Financial Intelligence Unit.
• Adoption of an organizational structure that ensures separation between operational and supervisory functions, and clearly defines lines of responsibility and authority.
• The existence of an independent compliance function is required, with a compliance officer appointed by official decision of the Board of Directors and approved by the Banking and Currency Supervision Department. Execution of foreign remittances is prohibited in the absence of this function.
• The company's capital must not be less than the amount specified for exchange companies according to the governing rules and controls, and must be fully paid.
• Maintenance of a pre-existing balance of foreign currency in the company's accounts, covering the value of the transfer.
• Adoption of written and updated policies and procedures covering:
  • Know Your Customer (KYC).
  • Due diligence.
  • Risk classification.
  • Screening against sanctions lists.
  • Reporting of suspicious transactions.
  • Record keeping.
• Exchange companies must put in place mechanisms to monitor and prevent the following operations:
  • Structured transactions aimed at evasion.
  • Unjustified repeated requests below the ceiling.
  • Frequent changes to beneficiary accounts without acceptable justification.
  • Analysis of unusual customer behavior and prevention of any suspicious operations.

Second: Controls for Conducting Remittances:

1. Companies are permitted to conduct remittances for specified purposes, according to the following ceilings:
   • The ceiling for a single direct foreign remittance shall not exceed: ($100,000) or its equivalent.
   • The annual ceiling for commercial remittances for each requesting company shall not exceed: ($300,000) or its equivalent.
   • The transfer commission shall not exceed (1.5%) in the case of selling the transfer value in cash, and shall not exceed (1%) in the case of selling the transfer value via bank checks, internal transfers, or electronic payment methods.

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

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

2. The source of funds must be legal, documented, and subject to screening.

3. The remittance must be executed exclusively in the name of the ordering customer.

4. Payment to a third party other than the true beneficiary stated in the request to conduct the remittance, and the attached invoices and documents, is prohibited.

5. Before approving a request to conduct a remittance, the exchange company must:

   • Verify the customer's identity according to a valid official document.
   • Determine the purpose of the remittance.
   • Screen the customer, beneficiary, and beneficiary bank against local and international sanctions lists.
   • Apply enhanced due diligence for high-risk cases.
   • Document the screening results and decision.
   • Ensure that all required documents and data for conducting the remittance are available and uploaded to the platform.

6. The bank contracted with the exchange company shall execute a SWIFT transfer according to approved procedures, after taking due diligence measures in accordance with the instructions.

Third: Required Documents:

• The company's authorized representative submits a request for a direct foreign remittance via the unified platform, enters all data and uploads required documents, and selects the company through which the remittance is to be executed.

• The requesting company must have a bank account in the same bank through which the exchange company operates.

• The remittance requester is committed to providing the following data:

1- Requester Data:

1. Company name in Arabic.
2. Company name in English.
3. Company address (neighborhood, city, and nearest landmark).
4. Company phone number.
5. Company email address.
6. Full name of the company's authorized representative in Arabic.
7. Full name of the company's authorized representative in English.
8. Date of birth of the company's authorized representative.
9. National ID number of the company's authorized representative.
10. Passport number of the company's authorized representative.

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

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

11. Data on company board members (full name in Arabic and English and date of birth).
12. Articles of Association for the requesting company, and a valid commercial register.
13. Company IBAN account number.
14. Bank branch name.
15. Commercial bank name.

2- Beneficiary Data:

1. Beneficiary name in English.
2. Beneficiary name in Arabic.
3. Full beneficiary address (building number - street - area - city - country - P.O. Box).
4. Beneficiary email address.
5. Beneficiary phone number.
6. Beneficiary international account number (IBAN).
7. Beneficiary bank name.
8. Beneficiary bank BIC number.
9. Beneficiary bank address.

3- Imported Goods Data:

1. Copy of a detailed invoice for goods not exceeding three months in age.
2. Invoice number.
3. Invoice date.
4. Value.
5. Currency type.
6. Goods code (HS-CODE).
7. Description of goods.
8. Quantities.
9. Country of origin.
10. Shipping method.
11. Port of shipment.
12. Port of delivery.

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

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

Fourth: Reporting Suspicion and Record Keeping:

In the event of indicators of money laundering, terrorist financing, or suspicion of currency smuggling operations, the company must comply with the following:

• Immediate suspension of execution.
• Submission of a suspicious transaction report to the Financial Intelligence Unit.
• The company must retain all files and documents related to transfer operations for a period of no less than five years.

Fifth: Obligations of Commercial Banks:

• The bank is committed to not executing any foreign remittance via an exchange company unless the company holds a valid license from the Central Bank of Libya and is not subject to restrictive supervisory measures.
• The bank is committed to pre-verifying the availability of sufficient foreign currency balance in the exchange company's account before executing the remittance.
• The bank is committed to verifying the legality of the exchange company's fund sources, ensuring they are documented and traceable.
• The bank is committed to applying Know Your Customer and due diligence procedures to the exchange company, including verification of staff and beneficial owners, risk classification, and periodic review.
• The bank is committed to verifying the identity of the ordering customer and beneficiary, the purpose of the remittance, and its consistency with the expected nature of the activity.
• The bank is committed to conducting a comprehensive screening of all parties against local and international sanctions lists before execution.
• The bank is committed to rejecting the remittance in the event of a match with sanctions or blocking lists, or if essential data is incomplete, or if the purpose is illegal, unclear, or inconsistent with supporting documents, and taking necessary measures for reporting.
• The bank is committed to verifying the completeness and accuracy of ordering and beneficiary data according to international standards for financial transfers.
• The bank is committed to ensuring the validity and quality of SWIFT message fields and compliance with approved technical standards.
• The bank is committed to executing accounting entries that ensure transparency, including debit, credit, and immediate return according to the correct sequence of related accounts.
• The bank is committed to applying systems to monitor transaction structuring, unjustified repetition, and unusual patterns, and to immediately suspend execution in the event of indicators of money laundering, terrorist financing, or evasion.
• The bank is committed to submitting a report on any suspicious transaction to the Libyan Financial Intelligence Unit according to prevailing procedures.
• The bank may impose additional restrictions or refuse to execute remittances related to high-risk entities or countries.

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

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

Sixth: Penalties:

In the event of failure to provide necessary data, or to conduct screening and due diligence operations, according to the controls mentioned above, or failure to report suspicious operations according to specified procedures, or errors in issuing approvals, the exchange company, the company submitting the transfer request, and all parties involved will be deprived of benefiting from direct transfer operations, the bank code associated with all parties will be suspended, and all legal measures will be taken according to the provisions of the law and the rules and controls governing the matter.

Accordingly, you are requested to take what is necessary to implement the aforementioned instructions. Exchange companies and banks will be subject to inspection by the Banking and Currency Supervision Department, and all legal measures will be taken against anyone who violates implementation.

Peace be upon you.

Abdul Magid Muhammad Al-Maqouri
Director of Banking and Currency Supervision Department

Copy to:
Mr. Governor
Mr. Deputy Governor
Mr. Director of the Libyan Financial Intelligence Unit - Central Bank of Libya Mr. Director of Information Technology Department - Central Bank of Libya Mr. Director of Research and Statistics Department - Central Bank of Libya Mr. Director of Accounts Department - Central Bank of Libya Mr. Deputy Director of Banking and Currency Supervision Department Mr. Deputy Director of Banking and Currency Supervision Department for Banking Supervision Affairs / Benghazi Mr. Deputy Director of Banking and Currency Supervision Department for Islamic Banking Affairs Mr. Deputy Director of Banking and Currency Supervision Department for Office and Compliance Monitoring Affairs Mr. Deputy Director of Banking and Currency Supervision Department for Inspection Affairs Mr. Directors of Compliance Departments in Banks Circulars 2026

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