Regulatory Alerts2000-03-30 | 7548Electronic Banking and Financial Operations
Banque du Liban issued Basic Decision No. 7548 to comprehensively regulate electronic banking and financial operations, requiring prior approval or ninety-day notification for services including electronic payments, lending, trading, and virtual card issuance. The decision mandates strict operational standards such as local data hosting, enhanced electronic KYC onboarding with defined transaction ceilings, robust electronic signature protocols, and comprehensive data and consumer protection policies. It explicitly prohibits financial institutions from issuing or facilitating virtual assets without authorization, establishes transitional compliance deadlines, and enforces administrative and criminal penalties for violations.
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