The Financial Intelligence Unit of Liberia (FIUL) has fined Afriland Bank for 250,000LRD (US$1254) for breaching the country’s Currency Transaction Reporting (CTR) Regulation. The regulation requires filing of currency transaction reports within a statutory period of three days.
The FIUL has also asked Afriland Bank to install procedures to ensure that AML/CFT regulations on Suspicious Transaction Reporting and CTR are followed. The unit is determined to take appropriate actions against any and all institutions that breach the law.
Additionally, the FIUL will discuss a new proposed regulation to control the threshold of over-the-counter and ATM cash payments. The proposed regulation is touted to help eliminate the risks of money-laundering and terrorist financing during such cash payments.