Regulatory Alerts2021-12-23 | 13386Central Bank of Lebanon Decision No. 13386 Amending Decision No. 12837 on Combating Money Laundering and Terrorist Financing
The Central Bank of Lebanon issued Decision No. 13386 to amend Decision No. 12837, imposing strict anti-money laundering and counter-terrorist financing obligations on financial intermediation companies. The regulation mandates rigorous customer due diligence, including the identification of beneficial owners with a 20% ownership threshold, enhanced monitoring for high-risk clients, and the implementation of risk-based internal control systems. It further requires immediate reporting of suspicious activities to the Special Investigation Commission, strict adherence to UN sanctions lists, and comprehensive record-keeping for at least five years.
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