The decision divides money-changing institutions into categories according to the nature of the services they provide, specifying the activities permitted for each category as well as minimum capital requirements. The minimum capital was set at LBP 5.5 billion for Category A, LBP 3 billion for Category A1, and LBP 25 billion for Category A2, while Category B was set at LBP 5.
The decision also imposes conditions on shareholders, partners, and management, including standards related to competence, eligibility, good reputation, and financial solvency. It further establishes requirements concerning organizational structures, compliance obligations, and measures to combat money laundering and terrorist financing.
On the operational level, Banque du Liban requires money-changing institutions to comply with a series of controls, including verifying customers’ identities using approved identification documents, adopting an electronic accounting system, recording transactions and maintaining records, as well as displaying exchange rates clearly and prominently.
The decision also includes specific provisions governing certain categories and services, including prepaid cards and informal money transfer services (IMTS), in addition to setting requirements for branches, periodic reporting, supervision, penalties, and measures that may be taken against institutions that violate the rules.