Regulatory Alerts2022-06-07
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Circular No. 28/2013
The Central Bank of Libya's Banking and Currency Supervision Department issued Circular No. 28/2013 to enforce strict compliance with clearing check regulations and strengthen internal controls across commercial banks. The directive addresses the re-submission of executed checks drawn on the Central Bank, requiring institutions to adopt preventive measures and adhere to electronic and manual clearing guidelines. Non-compliant banks face potential penalties under Law No. 1 of 2005, as the Central Bank emphasizes mitigating operational risks through enhanced monitoring and procedural rigor.
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