Regulatory Alerts2023-07-12
Central Bank of Libya KYC Compliance Circular (No. 2010/5)
The Central Bank of Libya’s Banking and Monetary Supervision Department issued Circular No. 2010/5 to enforce strict compliance with Know Your Customer (KYC) identity verification forms for all banking operations. The directive mandates that commercial banks and the Libyan Foreign Bank must refrain from opening any new accounts without KYC forms and rectify existing non-compliant accounts within six months of the circular’s issuance. Continuous inspections will verify adherence, with financial institutions bearing full responsibility for non-compliance while preserving the personal liability of branch and general managers.
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