LEBANON’S BANKS UPGRADE KYC GUIDELINES TO COMBAT MONEY LAUNDERING

Bank of Beirut Reinforces Anti-Money Laundering Measures

In a bid to strengthen its anti-money laundering (AML) measures, Bank of Beirut has revised and expanded its Know Your Customer (KYC) guidelines. This move aims to ensure compliance with international standards and maintain the bank’s position as a leader in AML compliance in Lebanon.

Revised KYC Guidelines: Key Highlights

Risk-Based Evaluation: Every individual at Bank of Beirut is responsible for evaluating customers on a risk basis, conducting thorough due diligence, and maintaining accurate records.
Rigorous Due Diligence: All client relationships undergo a rigorous KYC evaluation from the initial account opening stage and throughout the duration of the business relationship.
AML Compliance Officer: Bank of Beirut has designated an AML Compliance Officer to oversee day-to-day compliance with the revised guidelines.
Robust Recordkeeping and Reporting: The bank will maintain robust recordkeeping and reporting practices, monitor transactions for suspicious activity, and report any findings to competent authorities.

Enhanced Customer Due Diligence

The revised KYC guidelines are designed to prevent money laundering and terrorism financing by:

Conducting thorough background checks on customers
Monitoring customer activity for suspicious behavior
Reporting any suspicious activity to competent authorities

Ongoing Training for Employees

Bank of Beirut will provide ongoing training to employees on anti-money laundering and counter-terrorism financing issues. This ensures that they are equipped to identify and report suspicious activity, maintaining the bank’s commitment to transparency and integrity.

By revising its KYC guidelines, Bank of Beirut is taking proactive steps to maintain a robust AML program that adheres to international best practices. This move demonstrates the bank’s dedication to preventing money laundering and protecting the financial system from illicit activities.