Following the 23/4/2013 announcement by the U.S. Treasury Department about its action against two money exchange houses in Lebanon, the Association of Banks in Lebanon (ABL) re-affirmed its commitment to fully implement international compliance standards.

Among its top priorities, the ABL provides training programs to help its member banks stay compliant with all international banking standards (including those of the U.S. Department of the Treasury), particularly as they relate to anti-money laundering, fighting terrorism financing, and the ongoing implementation of Lebanon’s Know-Your-Customer (KYC) requirements. Adherence to the ABL’s Best Practices is the key to ABL membership.

ABL members will continue to do due diligence on their customers, enforce all sanctions imposed by the U.S. Treasury, and will not do business with any person or entity included on  the Office of Foreign Assets Control  (OFAC) or any international sanctions list (UN, EU,...).