Central Bank of Lebanon mandates RF1 KYC form and encrypted two-business-day reporting for NBFI currency transactions of USD 1,000 or more

The Central Bank of Lebanon (BdL) issued a decision introducing a mandatory “Currency Transaction – Form RF1” for non-banking financial institutions to collect, verify, record, and store KYC and transaction information for currency transactions and exchange operations, and to transmit the resulting records electronically to BdL. The requirements apply to BdL-regulated financial institutions, specialized lending entities (comptoirs), exchange institutions, providers of domestic and/or cross-border electronic funds transfers, and e-wallet service providers that perform currency transactions. Firms must complete RF1 tables for each currency transaction of USD 1,000 or its equivalent and above, and maintain appended KYC information on account holders where applicable, including beneficial ownership, customer controllers, and related parties, with periodic reviews where risk or core information changes. Prior to executing any transaction including currency transactions, electronic transfers, currency exchange, payment services, or remittances, NBFIs must hold complete and verifiable KYC and securely store supporting documentation, then transmit the information in encrypted form within two business days of execution; violations are subject to administrative sanctions under Article 208 of the Code of Money and Credit. NBFIs must begin applying the RF1 tables and appendices for new customers by 1 December 2025, and have six months from issuance to apply the appendices to existing customers. The decision entered into force upon issuance and is to be published in the Official Gazette, and the circular references a clarification via Announcement No. 975 dated 10 February 2026.