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.
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