Regulatory Alerts2023-07-12
Added · Updated
Circular 7/2012: Anti-Money Laundering and Counter-Terrorist Financing Policies and Customer Due Diligence
The Central Bank of Libya requires commercial banks, specialized banks, and financial institutions to implement policies and procedures for anti-money laundering and counter-terrorist financing, including customer due diligence and identity verification. The directive mandates risk-based customer classification, enhanced scrutiny for high-risk accounts and correspondent banks, and the maintenance of records for at least five years. Institutions must establish internal compliance systems, reporting mechanisms for suspicious transactions, and staff training programs, with all new policies required to be submitted to the Central Bank within six months of the circular's issuance.