Regulatory Alerts2022-01-25 | 13405Opening of Bank Accounts
The Central Bank of Lebanon, through Governor Riad T. Salam, issued Intermediary Decision No. 13405 to amend Basic Decision No. 13100 by mandating that banks must not refuse customer checks deposited into current accounts unless such refusal ensures compliance with anti-money laundering and counter-terrorist financing laws. The amendment renumbers existing provisions, inserts a new Article Five specifying compliance thresholds with Laws No. 44 and 7818, and takes effect immediately upon issuance. This regulatory update standardizes check acceptance procedures across Lebanese banks to prevent arbitrary refusals and ensure equitable treatment of customers.
Intermediary Circular No. 611
To Banks
We enclose a copy of Intermediary Decision No. 13405 dated January 25, 2022, concerning the amendment of Basic Decision No. 13100 dated September 3, 2019 (Opening of Bank Accounts), attached to Basic Circular No. 147.
Beirut, January 25, 2022
Governor of the Central Bank of Lebanon
Riad T. Salam
Intermediary Decision No. 13405
Amending Basic Decision No. 13100 dated September 3, 2019
The Governor of the Central Bank of Lebanon, Based on the Monetary and Banking Law, particularly Articles 17 and 70 thereof, Based on Basic Decision No. 13100 dated September 3, 2019 and its amendments regarding the opening of bank accounts, To prevent arbitrariness and inequality among customers, Based on the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on January 19, 2022,
Decrees the following:
Article One: The numbering of "Article Five" and "Article Six" in Basic Decision No. 13100 dated September 3, 2019 is amended so that they become "Article Six" and "Article Seven", respectively.
Article Two: The following text is added to Basic Decision No. 13100 dated September 3, 2019 as "Article Five": « Article Five: Banks shall not refuse checks deposited by customers into their current accounts, unless such refusal leads to:
- Non-compliance with the provisions of Law No. 44 dated November 24, 2015 (concerning the combating of money laundering and terrorist financing).
- Non-compliance with regulatory provisions issued by the Central Bank of Lebanon, particularly the provisions of Basic Decision No. 7818 dated May 18, 2001 (concerning the system for supervising financial and banking operations to combat money laundering and terrorist financing), And the provisions of Basic Decision No. 6939 dated March 25, 1998 regarding percentages. »
Article Three: This Decision shall take effect upon its issuance. Article Four: This Decision shall be published in the Official Gazette.
Beirut, January 25, 2022
Governor of the Central Bank of Lebanon
Riad T. Salam