Regulatory Alerts2007-08-09 | 9668Regulations on the Electronic Settlement System for Credit, Debit, or Charge Cards Issued in Lebanon and Used Domestically on POS Terminals
Banque du Liban issued Basic Decision No. 9668 to establish a mandatory electronic settlement system for locally issued debit, payment, and credit cards used domestically on POS terminals. The regulation requires card companies and licensed participants to transmit Lebanese Lira payment messages directly or via an appointed institution, maintain frozen security balances, and ensure daily settlement by 12:00 PM. It further mandates transparent fee structures, monthly electronic statements for cardholders, and subjects non-compliance to administrative penalties under Article 208 of the Monetary and Loan Law.
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