Electronic Banking and Financial Operations

Central Decision No. 13718 Amending Basic Decision No. 7548 dated 2000/3/30 Concerning Financial and Banking Operations by Electronic Means

The Governor of the Central Bank, Based on the Currency and Loans Law, particularly Articles 70 and 174 thereof, Based on Law No. 133 dated 1999/10/26 concerning the functions of the Central Bank, Based on Basic Decision No. 7548 dated 2000/3/30 and its amendments concerning financial and banking operations by electronic means, Based on the decision of the Central Bank Council taken in its session held on 2025/5/21, Decrees as follows:

Article One: The text of clauses (3), (6), and (8) under Section 3 of Basic Decision No. 7548 dated 2000/3/30 is repealed and replaced as follows:

• (3) That the concerned institution commences its operations in accordance with the electronic wallet license issued to it, within a period of six months from the date of issuance of the decision. Failure to do so exposes it to the suspension of this license by a decision of the Central Bank Council. Exceptional or emergency circumstances may extend this six-month period by an additional six months upon request, subject to the Central Bank Council's final ruling. If the concerned institution suspends its operations for a period of six months, following the suspension decision by the Central Bank Council, it may be granted an extension until a maximum date of 2025/8/25, in compliance with the licensed Business Plan regarding ensuring users' rights and operations specified in this plan, subject to suspension of its license by a decision of the Central Bank Council.

• (6) That it maintains separate and independent bank accounts dedicated to electronic wallets, ensuring continuity in these accounts at the issuing bank(s) for the concerned legal entity and/or contracted parties (banks, companies, and/or cash agents...), representing less than 100% of the value of electronic wallets. The funds deposited in these accounts must be segregated and independent from any other funds belonging to the concerned institution. It must evaluate monthly, both for the Central Bank and the Banking Control Commission, a signed report stating the value of funds deposited in independent accounts, cash funds, and what the concerned institution evaluates as above. ../..

• (8) That the total value of money movement on a single electronic wallet in one month does not exceed 10,000 USD (ten thousand US dollars), and its balance at any time does not exceed 3,000 USD or its equivalent in Lebanese Lira for natural persons. Does not exceed 50,000 USD (fifty thousand US dollars), and its balance at any time does not exceed 30,000 USD or its equivalent in Lebanese Lira for legal entities (commercial companies as per Article 45 of the Commercial Code). The money movement for electronic wallets is non-revolving (revolving-non) per month. The Central Bank may exceptionally approve an amount or higher caps than 30,000 USD for the concerned legal entity upon request to the Central Bank regarding this matter. «

Article Two: The text of clauses (9) and (10) under Section 3 of Basic Decision No. 7548 dated 2000/3/30 is repealed. «

Article Three: The following text is added to clauses (21) and (22) under Section 3 of Basic Decision No. 7548 dated 2000/3/30:

• (21) The concerned institution must establish appropriate information systems containing programmed controls to comply with the provisions of this section, particularly regarding imposed caps and allowing overriding in case of exposure to the penalties stipulated above and in Article 24 of this decision.
• (22) That it complies with the obligations regarding clauses (17) and (22) of Article 5 of this decision. «

Article Four: The text of clauses (16) and (17) under Article 5 of Basic Decision No. 7548 dated 2000/3/30 is repealed and replaced as follows:

• (16) It conducts continuous and effective supervision of the coordination between licensed activities under applicable laws and regulations issued by the Central Bank, and unlicensed activities not licensed by the Central Bank such as issuing or trading digital currencies, subject to the penalties stipulated in Article 24 of this decision.
• (17) It contracts with an insurance company licensed in Lebanon and known in this field, which reinsures its operations through highly rated global insurance companies, to cover:
• Operations conducted and all potential risks it may face (theft, mismanagement, cyber piracy, etc.).
• Liabilities arising from the acts of its board members, managers, and employees (fraud, mismanagement, deceit, etc.). Annually, it provides the Central Bank and the Banking Control Commission with an updated copy of the aforementioned insurance contracts. The renewal of these two contracts annually is based on required reports (modifications in the institution's distribution and operations volume, etc.), subject to exposure to penalties stipulated in Article 24 of this decision. «

-3- Article Five: Clause (22) under Article 5 of Basic Decision No. 7548 dated 2000/3/30 is added with the following text:

• (22) It must, within a maximum period of 3/5/2025, transfer the value of tariffs, fees, and amounts related to its users) Users) to the concerned legal entities (ministries, public institutions, specialized departments, general administrations, syndicates, mobile and fixed telecommunication companies, etc.), subject to the penalties stipulated in Article 24 of this decision. «

Article Six: The text of Article 24 of Basic Decision No. 7548 dated 2000/3/30 is repealed and replaced as follows: « Article 24: Whether the concerned institutions comply with the provisions of its basic decision or this decision, or the directives issued by the Central Bank and/or the Banking Control Commission, or submit incomplete or non-compliant statements or information, the Central Bank Council may impose the following administrative penalties on the violating institution:

• A warning.
• Suspension of certain operations or any limitations regarding the institution's exercise of its operations.
• A ban on any president and/or board members and/or executive managers from exercising the operations subject to this decision, permanently or for a fixed period.
• Suspension of the license granted to it by the Central Bank. In addition, the Council may impose a fine not less than 1 million Lebanese Lira for each violation. The violating institution also has the right to be subject to penalties under applicable laws. «

Article Seven: Article 24 bis is added to Basic Decision No. 7548 dated 2000/3/30 with the following text: « Article 24 bis: The concerned institution, until its electronic wallet license is issued, may submit requests for approval from the Central Bank to evaluate the financial capacity and cash flows related to electronic means. «

Article Eight: This decision takes effect upon its issuance.

Article Nine: This decision is published in the Official Gazette. Beirut, on 23 May 2025 Governor of the Central Bank Karim Sakr