Browse
related articles
Lebanese banks told to set up compliance departments
- Lebanon: Thursday, January 17 - 2013 at 04:35
The Lebanese central bank has instructed all banks and financial institutions operating in the country to set up an in-house compliance departments by September 2013, Business News has reported. The compliance departments, which shall be autonomous from other departments at concerned banks or financial institutions, are to be divided into a legal compliance unit and another for complying with anti-money laundering and countering financing of terrorism measures, the apex lender said in a circular. The department shall handle all activities related to the assessment of noncompliance risks associated with the institution's operations, mainly in terms of new products or activities, as well as evaluate the implementation and effectiveness of the applied measures for detecting breaches, and recommend new measures in line with developments, it said.
Related Content
Article Options
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
