Requirements to Practice Specific Functions in the Banking and Financial Sectors

Circular No. 507

For Banks, Financial Institutions, and Persons Subject to the Provisions of Articles 183 and 184 of the Monetary and Discount Law "Credit Counters"

We wish to link Circular No. 12866 dated 4/9/2018 concerning the amendment of a copy of the Decision Decision No. 9286 dated 9/3/2006 (Academic, Professional, and Ethical Qualifications) attached to Circular No. 103.

Beirut, on 4 September 2018

Governor of the Central Bank of Lebanon

Riad T. Safadi

Decision No. 12866

Amending Decision No. 9286 dated 9/3/2006
Concerning Academic, Professional, and Ethical Qualifications

The Governor of the Central Bank of Lebanon,

Pursuant to the Monetary and Discount Law, particularly Articles 70, 174, and 182 thereof,

Pursuant to Decision No. 9286 dated 9/3/2006 and its amendments concerning Academic, Professional, and Ethical Qualifications,

Pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its session held on 29/8/2018,

Decides as follows:

Article One: The text of Table 1 of the Organized Tasks attached to Decision No. 9286 dated 9/3/2006 is repealed and replaced by the new text attached to this Decision.

Article Two: This Decision shall be published in the Official Gazette.

Article Three: This Decision shall take effect immediately upon its issuance.

Beirut, on 4 September 2018

Governor of the Central Bank of Lebanon

Riad T. Safadi

Table of Organized Tasks

Category	Tasks
Lebanese Financial Regulations	5 & 8
Risk in Financial Services	7
CAMS	3 & 11
Bank Credit	12
Combating Financial Crime	3 & 11
Professional Banker Certificate (PBC)	4 & 5
Banking Ethics	6
Certified Internal Auditor (CIA)

Any administrative manager, department head, or any person associated with any of the following tasks:

1. Branch Manager or Head, and their deputies, and Branch Directors and Regional Directors x
2. Treasury x
3. Risk Management x
4. Accounting x
5. Financial Management and Control x
6. Back Office for executing all banking operations: Asset Management and Private Banking Services such as payments and reconciliations, support, management, and execution of trading, deposits, and accounting. x
7. Credit (analysis, study, marketing) and Credit Review (Retail, SME, Corporate) x
8. Creation, marketing, analysis, study, and follow-up of Retail services ⁴ x
9. Internal Audit and Internal Control x
10. Compliance (Legal and Anti-Money Laundering) ³ x
11. Human Resources, Individuals: training, development, and recruitment x ⁴
12. Tellers/Head Tellers x

Notes:

1. Treasury refers to employees working in the Back Office & Middle Office and in relations with Banking Correspondents.
   Traders are subject to the provisions of Decision No. 9286 dated 9/3/2006 regarding the examination of Lebanese Financial Regulations.

2. Employees working exclusively in Credit Risk and Credit Review Management (not employees working in Market Risk Management or Operational Risk Management) are subject to the Credit Bank examination.
   Employees working in Credit Collection and Recovery departments are exempt from the Credit Bank examination.
   Employees working exclusively in the Documentary Credits or External Trade Financing section are subject to the Lebanese Financial Regulations and Banking Ethics examinations.

3. ICA certificate holders are exempt from the following two certificates: CAMS and Combating Financial Crime.
   Only employees working in the "Compliance CFT/AML Unit" are subject to the CAMS certificate examination, and employees working in Legal Compliance are exempt from this examination.

4. This category includes anyone working in Management and Branches, including Customer Services Representatives & Officers.

5. Equivalence is accepted for the following two certificates: Lebanese Financial Regulations and the Professional Banker Certificate (PBC).

6. Only employees holding the Business Conduct certificate, included in the Capital Market Authority circular, are exempt from the Banking Ethics certificate.

7. Holders of the FRM Level I and CFA Level I certificates are exempt from the Financial Services examination.

8. The Higher Institute of Banking (ESA), in addition to the Banking Studies Institute affiliated with the Banks Association, shall provide courses in the Lebanese Financial Regulations subject, with examinations held at the Higher Institute of Banking (ESA).

9. Anyone performing only IT Audit is excluded from the Internal Audit and Internal Control category.

10. Any employee possessing twenty years of experience, having spent the last eight years consecutively in the same tasks within the banking and financial sectors until 16/8/2016, is exempt from all examinations.

11. Holders of either the CAMS certificate or the Combating Financial Crime certificate are exempt from the other certificate.

12. The Banking Studies Institute affiliated with the Banks Association shall provide courses in the Credit Bank subject, with examinations held at the Higher Institute of Banking (ESA).