- 18:50
On Friday, Lebanon’s Central Bank (BDL) unveiled a new measure to reinforce identification of ultimate beneficiaries in cash and foreign exchange transactions.
On November 14, 2025, BDL issued Decision No. 13769, Circular No. 3, introducing a new “Know Your Customer” (KYC) form for all cash, foreign exchange, and money transfer transactions of $1,000 or more, and their equivalent. The measure applies to all non-banking financial institutions under BDL’s supervision, including financial companies, credit counters, exchange offices, money transfer firms, and electronic wallet service providers.
The new form is designed to prevent licensed institutions from being used for high-risk transactions aimed at concealing the true origin of funds or the identity of the ultimate beneficiary, whether individuals or corporate entities.
Institutions are required to collect all relevant client and transaction data, verify its authenticity, and record and store it in accordance with the circular’s instructions and any updates. This ensures the Banking Control Commission can carry out necessary inspections.
The circular also requires that all data be transmitted in encrypted form to the BDL via email at Fx-curr-rfl@bdl.gov.lb within two business days of completing any exchange or money transfer transaction.
These instructions are part of BDL’s ongoing efforts to improve Lebanon’s position for removal from the Financial Action Task Force grey list, where the country was placed in October 2024, as well as from the European list of high-risk jurisdictions for money laundering and terrorist financing, where it has been listed since August 2024.
The circular was issued just three days after a visit by a high-level US Treasury delegation investigating alleged transfers of $1 billion to Hezbollah through exchange agents and couriers, noting that such funds did not pass through the banking sector.
Comments