Lebanon: Central Bank Issues Circular on Anti-Money Laundering and Counter-Terrorism Financing

On August 8, 2019, Banque du Liban, the central bank of Lebanon, released Circular no. 523 with the title “Regulations on the Control of Financial and Banking Operations for Fighting Money Laundering and Terrorist Financing (AML/CTF)”. The circular introduces amendments to the Regulation on Financial and Banking Operations Control System for Combating Money Laundering and Terrorist Financing annexed to Basic Decision No. 7818 of May 5, 2001, subject to Circular no. 83.

The regulation, among other things, recognises corresponding banking as an area that is vulnerable to ML/TF risks and seeks to ensure that both correspondent and respondent banks have put in place sufficient measures to counteract such risks.

Some of the amendments include:

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