Opening of Bank Accounts

Interim Circular No. 679

For Banks

We wish to attach a copy of Interim Decision No. 13587 dated October 3, 2023, concerning the amendment of Basic Decision No. 13100 dated September 3, 2019 (Opening of Bank Accounts), attached to Basic Circular No. 147.

Beirut, October 3, 2023

Acting Governor of Bank Lebanon
Dr. Wissam Mansouri

Interim Decision No. 13587

Amendment of Basic Decision No. 13100 dated September 3, 2019

The Governor of Bank Lebanon, pursuant to the Monetary and Exchange Law, specifically Articles 17 and 70 thereof, and Basic Decision No. 13100 dated September 3, 2019, and its amendments regarding the opening of bank accounts, and Basic Decision No. 11947 dated February 12, 2015, regarding the principles of conducting banking and financial operations with clients, specifically Article 3 thereof, after consulting the Lebanese Banks Association, and based on a decision by the Central Council of Bank Lebanon taken in its meeting held on September 25, 2023, hereby decides the following:

Article 1: The following text is added to Basic Decision No. 13100 dated September 3, 2019 as "Article 5 bis":
First: For Banks: « Article 5 bis :

1. Not to impose any new types of commissions on deposit accounts that were not imposed before October 31, 2019.
2. Prepare a regulation containing accurate and documented information regarding the actual cost of accounts to the client, the method of calculation, and the collection mechanism, such that no commissions other than those authorized in this regulation are imposed.
3. Publish the aforementioned regulation in a prominent place within the head office and all branches, and on the bank's website, by no later than October 16, 2023.

Second: The Banks Supervision Committee is tasked with monitoring the proper implementation of the provisions of this Article.

Third: Violation of the provisions of this Article exposes the non-compliant bank to administrative penalties stipulated in the applicable laws and regulations, specifically in Article 208 of the Monetary and Exchange Law. »

Article 2: This decision takes effect upon its issuance.
Article 3: This decision is published in the Official Gazette.

Beirut, October 3, 2023

Acting Governor of Bank Lebanon
Dr. Wissam Mansouri