Regulatory Alerts2023-04-13 | 13547Added · Updated
Circular No. 667: Electronic Banking and Financial Operations
Banque du Liban issued Interim Decision No. 13547 amending Decision No. 7548 to comprehensively regulate financial and banking operations via electronic means, mandating a minimum 50 billion LBP capital for non-bank institutions and establishing strict operational, security, and reporting frameworks. The decision imposes daily and monthly transaction limits per client, caps on electronic wallet balances, a maximum 0.5% fee, and requires prior regulatory approval for applications, electronic KYC processes, and compliance officers. It further standardizes electronic signature requirements, enforces enhanced due diligence and AML/CFT protocols, and replaces mandatory reporting forms to ensure continuous oversight by the Banking Control Commission.