Regulatory Alerts2019-08-07 | 13093Central Bank of Lebanon Circular No. 523: Amendment to the Regulations on the Control of Financial and Banking Operations for Fighting Money Laundering and Terrorist Financing
The Central Bank of Lebanon issued Circular No. 523 to amend the regulatory framework governing financial and banking operations aimed at combating money laundering and terrorist financing. The amendments introduce stricter due diligence requirements for correspondent banking relationships, enhance customer identification and record-keeping obligations, and mandate enhanced scrutiny for high-risk transactions and politically exposed persons. Additionally, the regulation reinforces internal controls, staff training, confidentiality protocols, and risk assessment procedures for banks and their foreign branches.
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