The Financial Intelligence Unit of Liberia in keeping with section 67.3 (n) of the Financial Intelligence Unit Act of 2012 and section 3.2.1(b)(ii) of the Regulation on Currency Transactions Reporting, Fined Afriland Bank the amount of $250, 000LRD for violation of section 2.1.2 of the Currency Transaction Reporting Regulation.

Afriland was found to be in breached of the regulation for filing currency transaction report far beyond the required statutory period of three days. Meanwhile, the FIU has admonished Afriland Bank to put in place mechanism to avoid breach of the Regulations on both STR and CTR by ensuring it compliance team is provided with all of the support that will see the bank compliant to AML/CFT regulations in Liberia.

The FIU continues to encourage Financial institutions to take their compliance obligation serious as the FIU will not relent in serving the appropriate sanctions in keeping with law for deterrence against would be violators. Additionally, the FIU believes it is time for the CBL and the FIU to start a discussion on a new regulation on the threshold of cash payment over the counter and at Automatic Teller Machine(ATM). The current regime of cash payment over the counter and at ATM remains a high risk to money laundering and terrorist financing in Liberia.