Regulatory Alerts2022-10-17
Concerning Regulation for the Licensing and Supervision of Money Remittance Entities
The Central Bank of Liberia issued Regulation No. CBL/RSD/003/2022 to establish comprehensive licensing and supervisory frameworks for money remittance entities, mandating provisional and final license approvals based on fit-and-proper criteria, capital thresholds, and operational infrastructure. The regulation standardizes inbound transfer disbursements, requiring twenty-five percent of payments in Liberian Dollars and seventy-five percent in United States Dollars, while prescribing fixed application fees, a US$1,000 annual operating levy, and strict exchange rate display requirements. It further governs agent recruitment, international partnerships, branch operations, and record-keeping, empowering the Central Bank to suspend or revoke licenses upon non-compliance, customer interest threats, or failure to meet stipulated conditions.