Regulatory Alerts2010-09-16
Guidelines on Due Diligence Concerning Prospective and Existing Employees of Financial Institutions
The Central Bank of Liberia issued these guidelines to establish minimum due diligence requirements for the recruitment and assessment of prospective and existing employees at licensed financial institutions. Licensed institutions must obtain character references, police clearances, and complete bio-data for new hires while updating existing personnel files within three months of the guidelines' effective date. The Central Bank will maintain a searchable database of dismissed and terminated staff, requiring prompt reporting of personnel changes and imposing daily civil penalties of at least L$100,000 for non-compliance.
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