The president of the ABL, Salim Sfeir, asserted to the US treasury delegation that the representatives of the banking sector in Lebanon are continuing to use their best efforts, under the present circumstances, to exercise the adequate due diligence to control the flow of funds which goes through the system and apply the required standards of compliance.

The president confirmed banks’ commitment to contributing to the fight against corruption.

Sfeir raised the sector’s concern about the risks banks and their depositors are facing due to the current circumstances while governments were unable so far to implement the needed reforms requested by the Lebanese people and the international community.

Stances of President Sfeir came while meeting a US Treasury delegation today.

The American delegation focused on the importance of combatting corruption urging banks to tighten their control on the financial transactions emphasizing the need to make serious efforts to investigate possible abuses by any politically exposed persons (PEPS) or any person with access to public funds.

Further, the delegation highlighted the current weakness in the Lebanese banking sector related to the low activity of the suspicion reports filed to the special investigation committee (SIC).

Moreover, the delegation and ABL concurred on the need to continue to satisfy and properly address the concern resulting from the current financial challenges and to reinforce banks’ KYC norms and compliance practices.

President Sfeir thanked the delegation for the opportunity and the initiative to visit ABL hoping for continuous cooperation to find the best solutions to current problems.

Communication & PR Department