Regulatory Alerts2024-10-10 | 13672Opening of Bank Accounts
The Central Bank of Lebanon issued Circular No. 712 to amend Article 1 of its September 2019 circular regarding the holding and processing of customer checks within Lebanese banks. The directive mandates that banks accept and retain checks in customer accounts until the guarantee period expires, provided no legal prohibition or objection exists, and requires closed accounts to be settled with amounts equal to the included check values. Furthermore, it clarifies that these checks apply to investment deposits, savings accounts, and time deposits in Lebanon, subject to the conditions outlined in Circulars No. 158 and No. 166, with immediate effect upon publication.
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