National Commercial Bank is first bank to implement use of unified automated company registration number as part of its KYC process

banking - November 14, 2021

Libya’s state National Commercial Bank (NCB) announced Wednesday that it has become the first Libyan bank to implement the automated company registration number as part of its Know Your Customer (KYC) process.

The automated company registration number was approved by the decision of the Minister of Economy and Trade (No. 221/2021) as an automated and unified tool to identify economic/commercial institutions in all parts of Libya.

A mobile application

A mobile application will also be launched soon that allows the user, whether it is a bank, a company owner, or a solicitor, to receive notifications from the system, as well as allowing the bank to verify the automated company registration number.

The new unified and automated company registration number is part of the government’s e-government drive and the banking system’s e-KYC drive to make doing business easier and to reduce fraud and corruption.

libyaherald