Exclusive… Central Bank Circulates to Banks Allowing Foreign Currency Account Holders to Deposit up to $10,000 or Equivalent in Other Currencies

Our source has exclusively obtained a circular from the Central Bank of Libya addressed to banks, permitting holders of foreign currency bank accounts—individuals and entities—to deposit cash into these accounts up to an amount of $10,000 (ten thousand U.S. dollars) or its equivalent in other foreign currencies.

According to the circular, if the amount to be deposited exceeds $10,000 or its equivalent in other foreign currencies, a currency disclosure form issued by Libyan border points must be provided. There is also a requirement to adhere to all due diligence procedures and ensure enhanced due diligence in accordance with anti–money laundering and counter–terrorism financing regulations.