Regulatory Alerts2009-06-17
Directive on the Introduction of Financial Products and Services by Commercial Banks
The Central Bank of Liberia mandates that commercial banks obtain prior written approval before introducing any new or non-traditional financial product or service. Banks must submit detailed operating procedures, risk assessments, human resource capacity, cost structures, customer protection guidelines, and anti-money laundering protocols for regulatory review. Failure to secure this pre-approval subjects institutions to supervisory sanctions, including the rejection of the proposed financial offerings.
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