Regulatory Alerts2022-06-27 | 13439Monitoring Civil Servants’ Accounts
Bank of Lebanon issued Basic Decision No. 13439 to mandate enhanced due diligence and continuous monitoring for civil servants’ salary accounts, requiring banks to apply a risk-based approach that flags unseasonable transactions and opens dedicated sub-accounts. The regulation establishes recognized corruption indicators—such as wealth-to-income discrepancies, high-value unexplained transfers to tax havens, and payments from entities benefiting from public contracts—that trigger mandatory reporting to the Special Investigation Commission. Banks must update Know Your Customer records, obtain senior management approval for flagged operations, and face penalties under Article 13 of Law No. 44 for non-compliance.
Share