The Application of Law 347 Dated 6/8/2001 concerning the Regulation of Money Dealers

Intermediary Circular No. 705

For Money Dealers Institutions

We enclose a copy of Intermediary Decision No. 13659 dated August 23, 2024, regarding the amendment of the implementing system of the law regulating the money dealer profession attached to Basic Decision No. 7933 dated September 27, 2001, subject of the basic circular for money dealers institutions No. 3.

Beirut, August 23, 2024
Acting Governor of the Central Bank of Lebanon

Dr. Wissam Mansouri

Intermediary Decision No. 13659
Amending Basic Decision No. 7933 dated September 27, 2001

The Governor of the Central Bank of Lebanon,
Based on the provisions of Anti-Money Laundering and Counter-Terrorist Financing Law No. 44 dated November 24, 2015, particularly Article 4 thereof, Based on the provisions of Law No. 347 dated August 6, 2001, concerning the regulation of the money dealer profession, Based on Basic Decision No. 7933 dated September 27, 2001, and its amendments, concerning the implementing system of the law regulating the money dealer profession, Based on the recommendations of the Financial Action Task Force (FATF), Based on the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on August 21, 2024,

Decides as follows:

Article One: The following item (27) is added to the section "Second, Article Fifteen of the implementing system of the law regulating the money dealer profession attached to Basic Decision No. 7933 dated September 27, 2001", its text being:
« (27) All money dealers institutions of categories (A) and (B) are required to install the special application concerning international, domestic, and UN sanctions lists launched by the Lebanese Money Dealers Association on their mobile phones and any electronic devices they use, in order to activate the targeted financial sanctions (TFS) application without delay. ».

Article Two: This decision takes effect upon its issuance.

Article Three: This decision is published in the Official Gazette.

Beirut, August 23, 2024
Acting Governor of the Central Bank of Lebanon

Dr. Wissam Mansouri