Circular 165 takes effect: Lebanese banks urged to comply with fresh currency regulations

News Bulletin Reports
31-05-2023 | 09:30
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Circular 165 takes effect: Lebanese banks urged to comply with fresh currency regulations
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Circular 165 takes effect: Lebanese banks urged to comply with fresh currency regulations

Thursday will mark the implementation of Circular 165, which pertains to bank checks and transfers in US dollars and fresh Lebanese lira. These checks will be cleared between commercial banks at the Banque du Liban (BDL).

Banking sources have indicated that all banks are expected to comply with this circular, and any bank that fails to do so may incur the loss of clients who wish to open accounts in fresh dollars or fresh Lebanese lira.

This circular was introduced to mitigate the cash economy system, facilitating money laundering operations.

However, observers have expressed concerns regarding whether all Lebanese banks will apply the same standards to ensure the legitimacy of fresh funds, especially since they will be transferred from one bank to another, according to the circular.

It is worth noting that such operations used to take place through correspondent banks in New York, which impose strict regulations on the source and integrity of funds to prevent money laundering activities.

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