Regulatory Alerts2023-09-21
Circular 19/2023
The Central Bank of Libya issued Circular 19/2023 to update the regulatory framework for five key supervisory committees and reporting standards. The circular mandates that all commercial banks and financing companies establish Internal Control & Compliance (ICMP), Asset Liability Management (ALCO), Net Stable Funding Ratio (NSFR), Governance, Risk & Compliance (GRC), and Liquidity Coverage Ratio (LCR) committees in strict accordance with IFRS financial reporting requirements. Banks must implement these structural and compliance updates immediately and submit all mandated reports to the regulator without delay.
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