Central Bank of Lebanon requires banks to comply with requests to lift banking secrecy and provide information within 15 business days

The Central Bank of Lebanon has issued Basic Circular No. 171 attaching a decision that obliges all banks and institutions it regulates to respond to requests from the Central Bank of Lebanon (BDL) and/or the Banking Control Commission of Lebanon (BCCL) to lift banking secrecy, without refusing or delaying on the basis of any argument or excuse. Requests may seek any registers, documents and information relating to legal entities or natural persons dealing with a regulated bank or institution, including retroactive information up to a maximum of ten years from the issuance date of Law No. 1 of 24 April 2025. Requests must be transmitted either electronically in encrypted form or in confidential written form to the board chairperson or general director, be specific about the information sought, and be signed by the BDL Governor (or delegate) or the BCCL Chairperson (or delegate). Auditors or valuers appointed by the BDL or BCCL may initiate information requests through a preliminary request to be attached to the formal BDL and/or BCCL request. Regulated entities must implement internal mechanisms to handle requests (including compliance responsibility), use secure channels to transmit data, stamp documents as “Confidential”, confirm receipt, and maintain transfer records for at least ten years. Responses are due within a maximum of 15 business days from receipt of a request. Violations may trigger sanctions under applicable laws and regulations, including Article 208 of the Code of Money and Credit, while the BCCL will monitor implementation and may specify additional measures to develop information-exchange mechanisms; the decision takes effect upon issuance.