Money Exchange Department
The Department supervises the Money Exchange Institutions, the Electronic Money Transfer Firms and Specialized Lending Entities (Comptoirs) operating in Lebanon in a risk based supervision approach.
- The main functions of the department could be summarized as follows:
The Exchange Institutions:
- Making specific recommendations to the license Cancellation of Exchange Institutions, when off-site or on-site examinations show that the conditions set by the Central Bank are no longer met.
- Conduct on-site reviews by the examiners, This task aims to follow up on the findings by the off-site Examination..
- Both the on-site and off-site reviews evaluate management, and examine compliance with different rules and regulations covering the Money Exchange business.
- Moreover, the findings related to the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) laws and regulations are coordinated with those of the S.I.C.
- A Risk Focused Supervision is being initiated since the beginning of the year 2014.
- Making recommendations for licensing new Money Exchange Houses.
- Conduct specific targeted examinations (changes in ownership, change of venue, complaints etc… ).
- Conduct off-site examinations over Money Exchange Houses.
- The Examination is based on:
- Auditors Annual Reports through the control of the numbers in the balance sheet, and income statements.
- Periodic and monthly Reports from Money Exchange Houses.
- Special Investigation Commission (S.I.C.) reports.
- Monthly bank-note and metals shipments reports (from Exchange Houses and Commercial Banks).
Electronic Money Transfer Firms:
- Making specific recommendations to the license Cancellation of Electronic Money Transfer Firms, when off-site or on-site examinations show that the conditions set by the Central Bank are no longer met.
- Conduct on-site reviews by the examiners, this task aims to follow up on the findings by the off-site examination.
- Both on-site and off-site reviews evaluate management, and examine compliance with different rules and regulations covering the Electronic Money Transfer Firms.
- Moreover, the findings related to the AML and CFT laws and regulations are coordinated with those of the S.I.C.
- Making recommendations for licensing new Electronic Money Transfer Firms.
- Conduct specific targeted examinations (changes in ownership, change of venue, sub- agents reviews, complaints etc…).
- Conduct off-site examinations over Money Exchange Houses.
- The Examination is based on:
- Auditors Annual Reports through the control of the numbers in the balance sheet, and income statements.
- Periodic and monthly Reports .
- Special Investigation Commission (S.I.C.) reports.