Regulatory Alerts2021-12-23 | 13388Regulations on the Control of Financial and Banking Operations for Fighting Money Laundering and Terrorist Financing
The Central Bank of Lebanon issued Interim Decision No. 13388 to amend the regulatory framework governing financial and banking operations against money laundering and terrorist financing. The decision mandates enhanced due diligence, continuous risk-based monitoring, and stricter record-keeping for banks and financial institutions, particularly regarding shell banks, beneficial owners, politically exposed persons, and high-risk jurisdictions. It further requires the establishment of a dedicated compliance unit, mandatory electronic screening against terrorist financing lists, and prompt notification to the Special Investigation Unit for frozen assets or suspicious transactions.
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