On September 13, 2018 the Governor of Banque du Liban, Mr. Riad Toufic Salamé, has issued the Decision No. 12872 in connection to the Basic Circular No. 146 and regarding European General Data Protection Regulation (GDPR).
The decision – which had immediate effect – is addressed to all banks, financial institutions and all other institutions regulated by the Banque du Liban, who are requested to take appropriate measures in compliance with the GDPR.
December 31, 2018 is the deadline for implementing the above-mentioned procedures and measures – and in particular for:
(i) assigning a Data Protection Officer from within the Compliance Unit and a Representative to the Union and
(ii) establishing a compliance service in accordance with the procedures that will be taken in this regard
This decision is crucial as it clearly shows the attention of non-European financial institutions to a landmark EU regulation.
Our compliance expert Lorenzo Mulazzi in Milan and the office in Beirut are ready to assist you in the process: contact us for further information at email@example.com