Regulatory Alerts2023-07-12
Added · Updated
Circular No. 5/2017: Executive Procedures and Controls for Opening Accounts for Non-Profit Organizations and Institutions
The Central Bank of Libya mandates that banks must obtain final approval from the Banking and Currency Supervision Department, following initial consent from the General Manager and compliance unit, before opening accounts for non-profit organizations. Banks are required to submit foundational documents, such as charters and board appointment minutes, to the supervisory department and ensure that account activity is directly monitored by the compliance unit, anti-money laundering unit, and General Manager. Additionally, account holders must provide a certified undertaking confirming that no other bank accounts exist outside those listed in the application.