Regulatory Alerts2016-12-03
Added · Updated
Regulation for the Licensing and Supervision of Money Remittance Entities
The Central Bank of Liberia has issued Regulation No. CBL/RSD/005/2016 to establish comprehensive licensing and supervisory frameworks for Money Remittance Entities operating within the country. The regulation mandates specific application procedures, fit-and-proper criteria, mandatory fees and security deposits, a US$5,000 per-transaction limit, and strict record-keeping and reporting obligations. It further empowers the Central Bank to conduct annual on-site examinations, impose fines for violations or late reporting, and revoke licenses based on non-compliance or detrimental conduct.