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Libyan Arab Jamahiriya’s Banking Compliance Regulations: A Commitment to Upholding International Standards
The Libyan Foreign Bank (LFB) has reinforced its commitment to upholding banking compliance regulations, laws, and guidelines to prevent, detect, and address any deviation or non-compliance operations. The bank’s Compliance Unit plays a crucial role in ensuring that all transactions and activities are carried out in accordance with international standards.
Combating Money Laundering and Financing of Terrorism
To combat the threat of money laundering and financing of terrorism (ML/FT), LFB has implemented stringent Anti-Money Laundering (AML) regulations. This is in line with international efforts to protect the global financial system from these risks.
Compliance with International Laws and Regulations
In addition, LFB is compliant with the Foreign Account Tax Compliance Act (FATCA), a US federal law aimed at combating tax evasion by expatriates who own financial assets abroad. The bank’s implementation of FATCA ensures that it meets its obligations under this Act.
Corporate Governance and Transparency
The bank also adheres to the principles of corporate governance as outlined by the Central Bank of Libya, and has implemented measures to ensure transparency, accountability, and good governance practices.
Compliance Program
LFB’s compliance program is designed to reduce the risk of non-compliance by implementing instructions, requirements, and regulations set forth by regulatory bodies. The bank’s commitment to compliance is a key factor in maintaining its reputation as a trusted financial institution.
Shaping the Future of Banking in Libyan Arab Jamahiriya
Looking ahead, LFB is committed to shaping the future of banking in Libyan Arab Jamahiriya through tailored financing solutions that cater to the needs of both local and international customers. With a focus on innovation and quality, the bank is poised to deliver exceptional services that meet the highest standards of the global market.
- Tailored financing solutions for local and international customers
- Innovation in financial services
- Quality of service delivery
- Reputation as a trusted financial institution