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AML Guidelines for Small Businesses in Lebanon
In a bid to combat money laundering and terrorist financing, the Lebanese government has introduced strict guidelines for businesses operating in the country. According to Law No. 44 dated November 24, 2015, which regulates Fighting Money Laundering and Terrorist Financing, small businesses must adhere to specific regulations to avoid penalties.
What is Money Laundering?
The law defines money laundering as any act committed with the purpose of concealing the real source of illicit funds or giving a false justification regarding the said source. This offense does not require proof of an underlying criminal activity, and can result in imprisonment for three to seven years, along with a fine not exceeding twice the amount laundered.
Which Sectors are Affected?
Small businesses operating in sectors such as:
- Banking
- Finance
- Insurance
- Casinos
- Real Estate
- Jewelry
are required to comply with the provisions of Law No. 44 and regulations issued by Banque du Liban.
Record Keeping and Reporting Requirements
To comply with these obligations, small businesses must keep records of operations that exceed a certain threshold and report any suspicious transactions to the Special Investigation Commission (SIC).
Consequences of Non-Compliance
Failure to comply with these obligations can result in penalties including:
- Imprisonment for up to one year
- Fine not exceeding 100 million Lebanese pounds
Contact Information for Enforcement Authority
The SIC is the relevant enforcement authority in Lebanon, responsible for enforcing laws and regulations relating to money laundering and terrorism financing. Businesses can contact the SIC at:
+961 175 6701 or +961 174 3999 or via email at sic@sic.gov.lb
Tips for Compliance
To avoid penalties and ensure compliance with AML guidelines, small businesses in Lebanon are advised to:
- Familiarize themselves with Law No. 44 and related regulations
- Take necessary steps to prevent money laundering and terrorist financing activities