Regulatory Alerts2013-09-05
Added · Updated
Central Bank of Liberia AML/CFT Regulations for Financial Institutions
The Central Bank of Liberia issued Regulation No. CBL/RSD/004/2013 to mandate comprehensive anti-money laundering and counter-terrorist financing controls for all licensed financial institutions. The regulation requires institutions to implement written internal policies, report suspicious and threshold cash transactions to the Financial Intelligence Unit, maintain five-year records, and strictly prohibit shell bank relationships and anonymous accounts. It further mandates enhanced due diligence for high-risk clients and politically exposed persons, establishes a compliance officer role with annual training, and authorizes administrative sanctions up to L$1 million for non-compliance.