An expanded meeting was held at the Central Bank of Libya, bringing together a number of general managers from commercial banks along with directors of some specialized departments within the bank. The purpose was to discuss regulating the operational mechanism for exchange companies and offices that have obtained an activity license.
During the meeting, the regulation of the operational mechanism for exchange companies and offices that have received an activity license from the Central Bank of Libya was discussed. This is in preparation for them to commence their work in accordance with the approved controls and instructions.
The meeting also addressed the mechanism for interaction between commercial banks and exchange companies and offices, particularly concerning the execution of rapid cash transfers through the “Western Union” and “MoneyGram” systems.
Participants discussed the sources for funding the foreign currency accounts of exchange companies and offices. They also studied the required procedures to allow these companies and offices to execute direct transfers through the accounts opened for them at commercial banks, ensuring compliance with regulatory controls and anti-money laundering and counter-terrorism financing standards.
The meeting touched on the technical systems that exchange companies, commercial banks, and the Central Bank of Libya will adopt to implement the proposed operational mechanism, ensuring its integration and the integrity of its operational and oversight procedures.
In this context, the Governor of the Central Bank of Libya granted permission to banks and exchange companies and offices to begin taking the necessary steps to activate the operational mechanism for executing rapid cash transfers, in accordance with the controls and instructions issued by the Central Bank.
