The Liberia Bank for Development and Investment (LBDI) upon recommendation from the Financial Intelligence Unit of Liberia has suspended its Vice President for Compliance and Investments, Mr. Oday G. Vaye for a month without pay for violation of the Suspicious Transaction Reporting Regulation. The Financial Intelligence Unit found LBDI in breached of the regulation for late and incomplete filing of Suspicious Transaction Report (STR). The Regulation mandates all reporting entities to file Suspicious Transaction Report (STR) within three days along with all of the particulars of the persons/ institutions the report is being file about.

The Regulation on Suspicious Transactions Reporting calls for fines and administrative actions which include removal of responsible staff or executives of financial institutions for breach.

Meanwhile, the Financial Intelligence Unit of Liberia, wants to encourage reporting entities to take their compliance obligation seriously as the FIU will not hesitate to carry out the appropriate sanctions that are dissuasive for deterrence. Also, reporting entities should be reminded that in this pandemic period, filing of STRs and CTRs are not prohibited and the FIU expects all reporting entities to file using the medium provided.