Regulatory Alerts2015-01-15
Amended Regulations on Dormant Accounts and Abandoned Property
The Central Bank of Liberia issued Regulation No. CBL/RSD/008/2014 to establish standardized procedures for identifying, classifying, and administering inactive and dormant deposit accounts as well as abandoned property held by licensed financial institutions. Financial institutions must flag accounts with six months of inactivity and over twelve months of dormancy, segregate them in dedicated files, conduct quarterly reconciliations, and submit semi-annual reports detailing account balances and owner information. Property held for fifteen years is presumed abandoned and must be reported, publicly announced, and delivered to the Central Bank within thirty days of reporting, with non-compliance triggering administrative fines or imprisonment.