Libya regulates AML/CTF through the Libyan Financial Information Unit under its anti-money laundering law. See the obligations and how MemberCheck supports them.
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Libya regulates money laundering and terrorist financing through Law No. 2 of 2005. The Central Bank of Libya supervises banks and exchange businesses for compliance, and the Libyan Financial Information Unit, housed within the Central Bank, receives and analyses suspicious transaction reports.
Regulated entities must apply customer due diligence, identify beneficial owners, monitor relationships, and report suspicious activity to the LFIU. Given targeted UN, US, and EU sanctions programmes relating to Libya, firms should also screen against applicable sanctions lists as part of standard due diligence.
MemberCheck helps teams meet these obligations by screening customers and entities against global sanctions, PEP, and adverse-media data, verifying identities, and monitoring risk continuously, with a clear audit trail behind every decision.
Libya's financial intelligence unit, operating within the Central Bank of Libya. It receives and analyses suspicious transaction reports. Supervision of banks and exchange businesses sits with the Central Bank's banking supervision function, a separate role.
Libya's principal AML statute, setting customer due diligence, recordkeeping, and reporting obligations for financial institutions and other obligated entities.
Firms dealing with Libyan counterparties should account for targeted UN, US, and EU sanctions programmes relating to Libya alongside standard AML due diligence.
Libya is a member of the Middle East and North Africa Financial Action Task Force, a FATF-style regional body, and aligns its regime with the FATF 40 Recommendations through that membership.
The Central Bank of Libya is the main AML/CTF supervisor, examining banks and exchange businesses through its banking supervision function. Law No. 2 of 2005 also requires every authority that licenses financial, commercial, or economic institutions to put compliance mechanisms in place for its own sector, and a National Anti-Money Laundering Committee chaired by the Governor of the Central Bank coordinates the regime. The Libyan Financial Information Unit, also housed within the Central Bank, is the financial intelligence unit that receives and analyses suspicious transaction reports.
Law No. 2 of 2005 on Combating Money Laundering sets the customer due diligence, recordkeeping, and reporting obligations for regulated entities in Libya.
Libya is a member of MENAFATF, the FATF-style regional body for the Middle East and North Africa. Firms should also account for targeted sanctions programmes relating to Libya.
MemberCheck screens customers and entities against global sanctions, PEP, and adverse-media data, verifies identities, and monitors risk continuously, with an audit trail behind every decision.
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