Regulatory Alerts2022-05-27 | 13439Regulations on Financial and Banking Operations for Fighting Money Laundering and Terrorist Financing, Conditions for Establishing Banks, Electronic Banking, Financial Institutions, Money Dealers, Leasing Companies, and FATF Recommendations
The Central Bank of Lebanon issued Interim Decision No. 13440 to comprehensively amend anti-money laundering and counter-terrorist financing regulations across banks, financial institutions, money dealers, leasing companies, and investment firms. The decision updates due diligence requirements, beneficial ownership verification, record-keeping periods, risk classification frameworks, and reporting obligations to the Special Investigation Body. It further mandates enhanced counter-measures for high-risk jurisdictions, strengthens correspondent banking rules regarding shell banks, and aligns Lebanese regulatory practices with Financial Action Task Force (FATF) recommendations.
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