Regulatory Alerts2011-11-26
Directive to Promote Competition Concerning International Money Transfer Operations
The Central Bank of Liberia mandates that all licensed financial institutions and sub-agents immediately remove exclusivity clauses from their international money transfer agreements to comply with Section 37(2) of the Financial Institutions Act. This requirement applies directly to partnerships with international money transfer organizations and extends to sub-agency contracts. Non-compliant institutions face daily fines of at least L$100,000 and potential supervisory sanctions effective from the directive's October 2011 issuance.
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