Central Bank of Lebanon mandates a Cash Transaction Slip for daily cash deposits of USD 10,000 or more

The Central Bank of Lebanon issued a decision requiring banks to apply a standardized Cash Transaction Slip (CTS) for customers making one or more cash deposits at the same bank, on a daily basis, totaling at least USD 10,000 or the equivalent in another currency. Information captured in the CTS must be cross-checked against the customer’s KYC information to verify consistency. The CTS form requires bank-branch details (including signatures of the branch AML/CFT officer and cashier and a transaction reference number), account information, and identification details for the transactor (unless the transactor is the account holder or an authorised signatory/proxy). It also captures beneficial rights owner information where different from the transactor or account holder, plus the date, amount, currency, exact source of funds (salary, business revenue, sale of property/assets, savings, or other), and whether the cash was imported and from which country, alongside a declaration that the funds are not linked to illegal activity or sanctioned parties. Banks must retain a copy of the identification document used to verify the transactor, and are instructed to request additional information where a deposit exceeds the expected activity of the account holder. The decision enters into force upon issuance and is to be published in the Official Gazette. The release positions the measure as a second “ring fence” (RF2) alongside an earlier KYC requirement (RF1) for non-banking financial institutions covering cash transactions of USD 1,000 or more.