Anti-Money Laundering Regulations

We, at Credit Libanais, are vigilantly committed to applying high standards of anti-money laundering compliance rules and regulations, and to participating in the international endeavors to combat this crime.  In fact, we regularly review our operating procedures to maintain a dynamic program for the Bank’s business, one that reflects the best practices adopted by local and international financial institutions and communities.

Preventing Money Laundering Activities at Credit Libanais

Our Bank firmly believes that fighting money laundering is the responsibility of employees at both Management and Staff levels in preventing the use of the Bank’s products and services for money laundering purposes.

The bank’s branches, head office departments and compliance unit ensure the following: 
- The proper application of the Know Your Customer (KYC) rules including the ascertainment of the customer’s true identity
- The establishment of the ultimate economic beneficiary of the account or the cash transaction
- The establishment of the purpose of the account
- Record keeping until accounts are closed for at least five years
- Conducting due diligence surveys and ongoing account monitoring
- Online database sharing to detect suspicious account transactions
- The development of software applications for monitoring movements within the Bank units
- Benchmarking with local and international correspondents
- Reporting suspicious cases to the Anti Money Laundering Committee (AMLC) of the Bank
- That no accounts are maintained on behalf of shell banks
- Ongoing training for employees at various bank levels

The bank’s Anti-Money Laundering Committee (AMLC) ensures the proper reporting to the Special Investigations Commission (SIC) of all suspicious cases concealing money laundering activities, in application of the Central Bank of Lebanon rules and regulations set under the provisions of the Law No 318 of April 2001 on Fighting Money Laundering, and all other Circulars and Amendments thereafter.

The internal audit unit of the bank ensures proper compliance and application of all above procedures and regulations.

At Credit Libanais, we are committed to implementing the Forty Recommendations of the FATF regarding the prevention and detection of money laundering, along with the Eight Special Recommendations to combat terrorism and other illicit activities.  Written procedures effectively adopted, KYC rules, reporting suspicious cases to Central Bank, due diligence compliance surveys, ongoing training program, sharing a database, benchmarking with major correspondents, are but a few examples of what we have accomplished in this respect. We have joined forces with Lebanese and international financial communities in this ongoing pursuit to fight crime and protect the image of our Bank.

CREDIT LIBANAIS SAL
Anti Money-Laundering Compliance Unit