The primary objective of compliance is to reduce the risk of non-compliance through
implementing instructions, requirements, and regulations.
Compliance aims to protect and promote the integrity and reputation of the bank. It provides
outstanding security defense and protection of customers and contributors; it strives to
prevent any violations in regulation.
Risk identification is conducted periodically and
continuously by instilling a culture of compliance and issuing internal action policies and
procedures followed by all employees, stakeholders, and dealers.
The Bank's organizational structure is orientated around regulation of compliance
monitoring, maintaining an independent role in assessing the risk of non-compliance, and
monitoring activities in all departments. Monitoring is conducted through implementing
multiple policies initiated by the Board of Directors. The board is committed to regulating all
staff regardless of their positions and classifications. Regulations established include combat
policy for Money Laundering, a Charter for Professional Behavior, and Policy Reporting of
According to the approved compliance policy, the compliance unit is responsible for
conducting compliance and control tasks to implement the regulatory instructions observing
its annual program and its mechanism to determine the legal risk to prevent and mitigate
them by carrying out the following duties:
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