Regulatory Alerts2017-05-30
Added · Updated
Amended AML/CFT Regulations for Financial Institutions in Liberia
Issued by the Central Bank of Liberia in May 2017, these amended regulations mandate that all licensed financial institutions implement comprehensive written AML/CFT policies, appoint a management-level compliance officer, and enforce strict Customer Due Diligence and Know Your Customer requirements. The rules prohibit relationships with shell banks and anonymous accounts, require five-year recordkeeping, mandate enhanced due diligence for high-risk clients such as Politically Exposed Persons, and enforce detailed wire transfer reporting standards. Empowered to conduct unannounced inspections and levy administrative penalties up to L$1 million, the Central Bank ensures continuous compliance through risk-based classification and mandatory senior management approval for complex accounts.