-For Serious AML/CFT Failures
The Financial Intelligence Agency of Liberia (FIA) has imposed a hefty fine of L$18,500,000 on the Liberian Bank for Development and Investment (LBDI) for failing to meet critical Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements under Liberia’s 2021 AML/CFT Act.
Following an in-depth risk-based compliance inspection at LBDI between December 2-13, 2024, the FIA found numerous deficiencies in the Bank’s AML/CFT controls, labeling them as egregious violations that jeopardize the country’s financial security. Key breaches include a lack of Board oversight on AML/CFT risk management, failure to properly identify and monitor money laundering risks across customers, products, and geographies, and absence of senior management approval of AML/CFT policies.
The inspection report also revealed LBDI’s failure to verify customer and beneficial owner information from reliable sources, inadequate reporting of suspicious transactions despite having monitoring software, and insufficient training for employees responsible for AML/CFT compliance.
The FIA ordered LBDI to pay the fine into the government’s account at the Central Bank within ten working days, by October 10, 2025, and to submit proof of payment to the Agency. In addition, the Bank must present a detailed remediation plan by October 20 and fully address all AML/CFT deficiencies by December 1, 2025. Failure to comply will prompt further supervisory actions from the FIA to ensure Liberia’s financial system integrity is safeguarded against money laundering, terrorism financing, and proliferation risks.
