Lebanon’s Financial Compliance Regulations: A Comprehensive List of Circulars and Laws
Amidst the complex web of financial regulations in Lebanon, it’s essential for financial institutions, banks, and other relevant entities to maintain a clear understanding of the various circulars and laws that guide the financial sector. Here’s a look at some of the key regulations.
Financial Institutes
BDL (Banque Du Liban) has issued the following circulars for financial institutes:
- BDL Circular No. 2 (2018): Addressed to Financial Intermediation Institutions
- BDL Circular No. 83 (2001): Regulations on the Control of Financial and Banking Operations for Fighting Money Laundering and Terrorism Financing (AML/CFT)
Specialized Lending Entities and Comptoirs
- SIC Circular No. 2 (2016): Addressed to Specialized Lending Entities - Comptoirs
Banks & Financial Institutions
BDL and other relevant bodies have issued the following circulars and laws for banks and financial institutions:
- Law No. 111 (2007): Addressed to Banks, Financial Institutions, Financial Intermediations Institutions, Leasing Companies, Exchange Institutions, and the Public Cash Transfers
- BDL Circular No. 81 (2001): Addressed to Banks and Financial Institutions
- BDL Circular No. 69 (2000): Addressed to Banks, Financial Institutions, and Institutions performing Electronic Banking and Financial Operations
- BDL Circular No. 63 (1999): Addressed to Banks and Companies authorized to Issue Credit and Debit Cards
- Law No. 1998: General Banking Law (EN, AR)
Money Changers
- Implementation Rules of the Law Regulating the Money Changer Profession (2001): EN, AR
Importance of Compliance
It is essential for financial institutions, banks, and other relevant entities to comply with these regulations to ensure a stable financial system. Regularly reviewing and understanding these regulations can help prevent potential legal and financial risks.
Enforcing and Updating Regulations
The Lebanese Central Bank (BDL) and Lebanese Securities Commission (SIC) play a crucial role in enforcing and updating these regulations. Staying informed of any amendments, updates, or new circulars can help institutions adapt to the ever-changing regulatory environment.
Table: Quick Summary of the Listed Regulations
| SIC/BDL Circular or Law | Addressed To | Date |
|---|---|---|
| No. 2 (2018) | Financial Intermediation Institutions | 2018 |
| No. 83 (2001) | Banks and Financial Institutions | 2001 |
| No. 2 (2016) | Specialized Lending Entities - Comptoirs | 2016 |
| No. 111 (2007) | Banks, Financial Institutions, etc. | 2007 |
| No. 126 (2012) | Banks and Financial Institutions | 2012 |
| No. 81 (2001) | Banks and Financial Institutions | 2001 |
| No. 83 (2001) | Banks and Financial Institutions | 2001 |
| No. 69 (2000) | Banks, Financial Institutions, etc. | 2000 |
| No. 63 (1999) | Banks and Companies authorized to Issue Credit and Debit Cards | 1999 |
| Law 1998 | General Banking Law (EN, AR) | N/A |
| Rules of the Law…(2001) | Money Changer Institutions | 2001 |