Banks Asked to Comply with International Sanctions in Cross-Border Operations
The Central Bank of Lebanon issued Basic Circular 126 that calls for banks and financial institutions operating in Lebanon to strictly enforce measures to combat money laundering and terrorism financing,
particularly for customers who request cross-border transac tions with correspondent banks, as reported by Lebanon This Week, Byblos Bank economic publication.
It stipulated that banks and financial institutions should follow a risk-based approach by verifying the identity of individuals or companies involved in the transaction and those that have economic ownership, as well as by developing procedures to continuously monitor the related operations and accounts.
Also, the circular requested banks to update their databases relat- ed to anti-money laundering and terrorism financing information, and to notify the Special Investigation Commission about suspicious transactions.
The circular stressed that banks and financial institutions operating in Lebanon must conform to all sanctions imposed by international organizations and states on countries where the correspondent entity is located, as well as on the correspondents themselves. As such, it urged Lebanese institutions to exercise extreme caution in identifying the economic owners of the transactions, the report said.
Banks and financial institutions should monitor the transactions payable through accounts at correspondent banks and to apply strict due diligence processes. The Central Bank noted that auditors should verify the compliance of banks and financial institutions with the content of the circular, and should include their findings in their regular reports about compliance with anti-money laundering and terrorism financing measures.
STRATEGIES & PLANS
A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
A green initiative launched by Ashrafieh 2020 project aims to transform Ashrafieh into a tranquil and unpolluted area.Green spaces allow residents to walk and ride bicycles.