A Legal Compliance Unit has been established at Bank of Beirut, in accordance with the requirements of BDL Basic Circular 128.
This Unit is responsible for ensuring the Bank is compliant with relevant laws and regulations, identifying legal risks, and taking the required measures to mitigate these risks.
Particularly, its duty is to:
- Identify and assess non-compliance risks associated to the activities of the bank, particularly non-compliance risks linked to new products and activities.
- Assess the efficiency of the procedures adopted by the bank to detect any violation or breach.
- Perform adequate tests to verify compliance by the bank’s employees within its relevant policies and procedures.
- Implement the compliance procedures required to verify compliance with the laws, regulations, procedures and directives issued by Banque du Liban, the Banking Control Commission, the Special Investigation Commission, and other relevant agencies.
- Prepare an efficient compliance-training program for bank employees, and deliver periodic training sessions to all staff on the implementation of the laws and regulations in force.
To ensure compliance, follow up and advise Senior Management of any developments in the laws and regulations in force, and any necessary amendments which will be required as a result
- Verify that any necessary corrective procedures are applied on the detection of any violation resulting from non-compliance.
- Submit periodic reports to Senior Management indicating any corrective steps taken, and propose recommendations to limit the occurrence of future violations.
- Report promptly to Senior Management any important violation or breach of the laws and regulations in force.