The Central Bank of Syria is the country's central monetary authority responsible for formulating and implementing monetary and banking policies. It regulates and supervises all banks and financial institutions operating in Syria. Banks in Syria must obtain a license from the Central Bank of Syria to operate. The CBS sets criteria and requirements for obtaining a banking license, including capital requirements, corporate governance standards, and risk management guidelines. Banks are subject to ongoing supervision and regulation to ensure compliance with applicable laws and regulations.

Syrian banks are subject to foreign exchange regulations that govern the buying, selling, and transfer of foreign currencies. The CBS sets guidelines and restrictions on foreign exchange transactions to manage currency flows, maintain monetary stability, and regulate cross-border transactions. Syrian banks may have international operations or engage in cross-border activities. Such activities are subject to regulations governing correspondent banking relationships, cross-border transfers, and compliance with international standards and agreements.

In general, one of the plans to reform the Syrian government's economic system is to allow the establishment and operation of private Syrian banks in the country, where several private banks are currently operating. According to Syrian banking law, foreign countries are not currently allowed to establish branches in the country, but the establishment of a joint bank is unrestricted, taking into account the share of 51% of Syrian parties and 49% of foreign parties. Banking and financial laws of Syria on the website of the Central Bank of Syria at www.banquecentral.gov.sy and the website of the Commercial Bank of Syria as the largest state-owned bank in Syria at www.cbs-bank.com Available. Syria's income tax system is generally classified into two broad categories:

1. Income tax on industrial, commercial, and non-commercial companies
   All companies operating in Syria, including foreign companies, are obliged to pay any income that comes from commercial or non-commercial activities in Syria. Usually, the corporate tax rate in the country starts from 10% and eventually increases to 45%.
2. Payroll tax
   In Syria, the payroll tax usually starts at 5 percent and eventually rises to 12.5 percent. All people working in Syria, including foreign workers and employees, whose income is not less than a certain amount, are required to pay taxes. Income tax includes basic salary, overtime, and bonuses.

Syrian banks are required to maintain adequate capital levels to support their operations and absorb potential losses. The CBS sets capital adequacy ratios and prudential regulations, such as risk management standards, liquidity requirements, and asset classification guidelines, to ensure the stability and soundness of the banking system. Syrian banking laws include provisions to protect the rights and interests of bank customers. These may include regulations on fair banking practices, disclosure requirements, dispute resolution mechanisms, and consumer protection measures. Banks are expected to ensure transparency and fairness in their dealings with customers.

Syrian banks offer a range of services, including deposit-taking, lending, foreign exchange, money transfers, trade finance, and other traditional banking operations. The CBS sets guidelines and regulations governing these services to promote stability and protect the interests of depositors and customers. Syrian banks are subject to AML and CTF regulations to prevent money laundering and the financing of terrorism. These regulations require banks to implement robust customer due diligence measures, report suspicious transactions, and maintain records for a specified period. Banks are expected to have internal controls and procedures to ensure compliance with AML and CTF requirements.