Transfers and currency exchange: Banque du Liban implements tighter controls

Less than a week after the visit of a U.S. Treasury delegation calling for more effort from Lebanon to contain Hezbollah financing, the Banque du Liban (BDL) issued a regulation tightening controls on all transactions by licensed non-banking financial institutions, including money changers, money transfer companies, electronic wallet managers, and credit counters.The goal is to prevent “the misuse of the financial system in high-risk operations and other illegal activities aimed at concealing the origin of funds and beneficiary identities,” according to principal circular No. 3 (decision No. 13769). The BDL presented this measure as “the first in a series” as part of efforts to get Lebanon off the Financial Action Task Force (FATF) gray list, where it was placed in fall 2024. More about the Lebanese economy Why BDL remains central in...