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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:

      1. Auditors Annual Reports through the control of the numbers in the balance sheet, and income statements.
      2. Periodic and monthly Reports from Money Exchange Houses.
      3. Special Investigation Commission (S.I.C.) reports.
      4. 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:

      1. Auditors Annual Reports through the control of the numbers in the balance sheet, and income statements.
      2. Periodic and monthly Reports .
      3. Special Investigation Commission (S.I.C.) reports.