Regulatory Alerts2017-05-24
Regulations Concerning Agent Banking in Liberia
The Central Bank of Liberia issued these regulations to establish a standardized framework for agent banking, enabling financial institutions to contract with approved entities or individuals to deliver cost-effective services to banked and unbanked populations. The rules mandate a two-phase approval process for institutions and super-agents, outlining strict eligibility criteria, prohibited services, real-time transaction technology standards, and comprehensive AML/CFT compliance obligations. Financial institutions retain full liability for agent actions, must implement robust due diligence and monitoring systems, and are required to maintain clear agency contracts while ensuring customer protection and business continuity.
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