Tripoli: The Central Bank Governor has authorized banks, exchange companies, and exchange offices to commence the necessary measures to activate the mechanism for implementing rapid money transfers. This directive was issued during a meeting focused on regulating and enhancing the coordination between exchange entities and the banking sector.
According to Libyan News Agency, the meeting was organized by the Banking and Monetary Control Department of the Central Bank of Libya. It involved several general managers of commercial banks and directors from relevant departments at the Central Bank. They concentrated on mechanisms to regulate the operations of exchange companies and offices licensed by the Central Bank, preparing them for business commencement in line with approved regulations. The discussion also delved into transaction mechanisms between commercial banks and exchange companies, particularly concerning rapid money transfers via Western Union and MoneyGram systems.
The meeting further examined the sources of foreign currency funding for exchange company accounts. It reviewed the procedures required to enable these entities to perform direct transfers through accounts opened at commercial banks, ensuring adherence to regulatory controls against money laundering and terrorism financing. Additionally, the technological systems to be adopted by exchange companies, commercial banks, and the Central Bank of Libya were discussed to ensure the integration and integrity of operational and oversight procedures.
This initiative is part of a series of preparations leading up to another meeting scheduled with exchange companies and offices next week. The aim is to finalize discussions on related regulatory and technical aspects. In this context, Central Bank Governor Naji Issa has given the green light for banks, exchange companies, and offices to activate the operational mechanism for rapid money transfers using the MoneyGram and Western Union systems, following the regulations and instructions set by the Central Bank.