Regulatory Alerts2023-07-12
Added · Updated
Circular No. 7/2022: Establishment of a Unit to Monitor Implementation of Basel Committee on Banking Supervision Regulatory Instructions
The Central Bank of Libya mandates that banks operating in Libya establish a Unit to Monitor Implementation of Regulatory Instructions Issued by the Basel Committee on Banking Supervision within three weeks of the circular's date. This unit must be subordinate to the bank's Risk Management Department and is tasked with implementing Basel-related instructions, disseminating risk management culture through training, and applying a productive mechanism for assessing capital adequacy. Specific responsibilities include determining targeted financial solvency with Board approval, completing capital planning based on acceptable risk levels, establishing documented policies for fundamental risks, and conducting independent periodic reviews of the bank's self-assessment process for capital adequacy.
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