Governor of CBL Issues Decision to Set up Compliance Unit.

Tripoli, 16 August 2105(Lana) The Governor of the Central Bank of Libya has issued a decision to set up a compliance unit within the Central Bank of Libya, to be affiliated with the board and part of its structure. A statement by the bank, a copy of which was obtained by the Libyan news agency, said the decision stipulated that the unit be responsible for compliance by Bank departments and indeed the personnel with the enforced laws and regulations including international standards, to save the bank the risks of non-compliance no matter their sources were, especially with regard to determination of national and international standards that were needed to be respected. The decision also meant to enlighten the Bank's workers and cause them to stick to national and legal standards, and to raise their awareness of the consequences of non-compliance, and to carry out risk evaluation of non-compliance, and to compel them to do the scrutiny and inspection of the bank operations to ensure that they did not carry the risks of non-compliance. It also called for the unit to carry out the mission of financial information sub-units stipulated in the money laundering law and the relevant rules. The third articles of the decision stipulated that the board initiate the appointment and dismissal of the head of the unit, who has to be a person of efficiency and expertise. =Lana=