Lebanon updates currency exchange rules

The Governor of Banque Lebanon, Karim Sana, issued a new decision numbered 13837 concerning the regulation of money exchange institutions in Lebanon. The decision outlines the requirements for licensing and operating such institutions, specifying capital requirements ranging from five billion to twenty-five billion Lebanese pounds, depending on the category and the types of services offered. It also emphasizes standards of competence and eligibility for partners and management, and mandates adherence to anti-money laundering and anti-terrorism financing regulations. Additionally, the decision highlights the importance of verifying customer identities, implementing electronic accounting systems, clearly announcing exchange rates, and regulating branch procedures, regular reporting, and penalties for non-compliant institutions.

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تنويه: هذا ملخص تم إنشاؤه بواسطة الذكاء الاصطناعي

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