Monday, 30 Mar 2020

Salameh at Regional Conference on Governance: Lebanese banks immune

Governor of the Lebanese Central Bank, Riad Salameh, inaugurated the "Regional Conference on Governance" organized by the Banque du Liban in cooperation with the Middle East Airlines, and in partnership with leading international institutions in the field of governance.

Salameh said that "sound management is a necessary approach for banking and non-banking institutions, and this is why the Central Bank has encouraged this trend through the issuance of several circulars aimed at activating the role of the board of directors and involving its members in the bank's business."

Salameh spoke about the "global crisis of 2008, which resulted in the loss of control over the work of banks and large financial institutions. (...) It was important to put the board of directors in charge of several missions, which ultimately aim at maintaining the reputation of the financial institution and the public reputation that is fundamental, so that the bank does not use illegal doors."

He added: "If we want Lebanon to be involved globally, banks in Lebanon must monitor the money that goes through them. So, the Commission makes sure that the bank has all the necessary equipment to monitor this process."

The governor pointed out that "we live in an electronic age, so it was important for the Banque du Liban to set guidelines for banks to provide effective protection for their information.

"In Europe, they are asking for information protection systems that belong to bank customers, so we have asked that each bank have an official who makes sure that the bank has all the regulations and devices required to protect customer-related information."

He explained that "the Central Bank has guided all banks to be protected from any cyber attack."

"Lebanese banks are fortified and the Central Bank of Lebanon is immune," he concluded.

Source: National News Agency

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