Local banks vow to stand by US sanctions

Will not deal with blacklisted entities

Local banks will not do business with any person or entity included in sanctions imposed by the US and any international sanctions list, according to a statement issued by the Association of Banks in Lebanon (ABL).

The statement came after the US Treasury designated two local money exchange firms as money-laundering concerns.

The ABL reaffirmed its commitment to fully implementing international compliance standards: “The ABL provides training programs to help its member banks stay compliant with all international banking standards (including those of the US Treasury Department) particularly as they relate to anti-money laundering and fighting terrorism financing.”