Internal Control Procedures Manual for AML/CFT in Financial Institutions

The Central Bank of Libya issued a mandatory internal control procedures manual for anti-money laundering and counter-terrorism financing compliance at all banks. The circular requires bank boards to implement the attached manual's provisions according to the specified implementation mechanism. This supersedes and updates previous CBL circulars from 2018 and 2021 on AML/CFT controls and compliance unit governance.

Foreign banks, correspondent banking partners, and financial institutions with Libyan operations face enhanced internal control requirements beyond the manual's specifics (which are not included in this circular). Implementation timelines are referenced but not detailed here. Non-bank financial services firms should confirm whether subsequent circulars extend these requirements beyond deposit-taking institutions. Compliance costs will increase, and institutions should request the full manual from CBL to assess gap analysis requirements.