Sources to LBCI: BDL to issue new circular to implement enhanced "E-KYC" procedures for transfers of $1,000 or more within Lebanon

Lebanon Economy
13-11-2025 | 04:28
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Sources to LBCI: BDL to issue new circular to implement enhanced "E-KYC" procedures for transfers of $1,000 or more within Lebanon
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Sources to LBCI: BDL to issue new circular to implement enhanced "E-KYC" procedures for transfers of $1,000 or more within Lebanon

LBCI was informed that the Banque du Liban (BDL) is preparing to issue a new circular requiring currency exchange offices and money transfer companies to implement enhanced “E-KYC” (electronic know-your-customer) procedures for anyone sending transfers of $1,000 or more within Lebanon.

The decision, recommended by BDL Governor Karim Souaid, is part of broader efforts to combat money laundering and terrorism financing, and to curb any potential funding channels linked to Hezbollah.

Sources said the measure was also discussed during the recent visit of a U.S. delegation to Beirut led by Dr. Sebastian Gorka, who reportedly raised concerns about internal money transfers and financial monitoring mechanisms.

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