The Financial Intelligence Agency of Liberia (FIA) has recognized the International Bank of Liberia Limited (IBLL) for “achieving” significant compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations and other critical regulatory laws.
This recognition, the FIA said, follows a full-scope, risk-based AML/CFT inspection conducted by the FIA as part of its mandate to regulate, supervise, monitor, and enforce compliance by Reporting Entities.
According to the FIA, the scope of the inspection was a full-scope risk-based AML/CFT inspection with the primary objectives to perform the following actions: assess the effectiveness of IBLL’s compliance programs, including policies, procedures, compliance system, and control with the full range of the AML/CFT obligations consistent with the AML/CFT Act of 2021; review IBLL’s compliance with the AML/CFT Regulations for Financial Institutions in Liberia, No. CBL/RSD/002/2017, Corporate Governance Regulations for Financial Institutions No. CBL/RSD/001/2012, CBL Risk Management Guidelines; and evaluate the level of risk inherent with IBLL’ operations as of November 28, 2024.
The outcomes of the risk-based AML/CFT Inspection highlighted that IBLL is adjudged to be largely compliant in significant components of its AML/CFT obligations as required by the AML/CFT Act of 2021, AML/CFT Regulations for Financial Institutions in Liberia, REGULATION NO. CBL/RSD/002/2017, and the Corporate Governance Regulation for Financial Institutions, REGULATION NO. CBL/SD/001/2012.
While recognizing this achievement, the FIA admonished IBLL to immediately prioritize the full automation of its transaction monitoring system to enhance the effectiveness and efficiency of its AML/CFT framework.
Meanwhile, the FIA has commended the board of directors, the management, and staff of the International Bank Liberia Limited (IBLL) for their holistic efforts in establishing and ensuring an effective AML/CFT and P policy, procedures, controls and system that are largely compliant with significant components of AML/CFT and P Laws and Regulations.
