The Libyan Foreign Bank places large efforts on reducing the risk of non-compliance with requirements, regulations, and instructions.
Such regulations include the Liberation Money Laundering Law (1013), which is the adoption of a policy aimed to address anti-money laundering, the financing of terrorism, and combating financial crimes in which perpetrators seek to exploit our banking system.
In addition, the Bank is in compliance with international instructions and recommendations, such as adhering to international sanctions resolutions and international ban on persons and entities; this includes the recommendations of the International Financial Action Committee (FATF).
The unit department manages the technical analysis and the process of updating information systems to monitor customer accounts and employees. In addition, the unit is responsible for providing consultations, awareness, and oversight processes concerning financial crimes.
The compliance unit determines the policy and assembles a set of tasks, which include:
FATCA Is a United States federal law enacted in 2010 and went into force on 1st July, 2014. The Act combats tax evasion of US expatriates who own financial
In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance
The primary objective of compliance is to reduce the risk of non-compliance through implementing requirements, regulations, and instructions
LFB is committed to implement the directions of the corporate governance guide issued by the Central Bank of Libya