FIA Recognizes International Bank of Liberia for Compliance with AML/CFT Regulations, Urges Action on Gaps

MONROVIA, – The Financial Intelligence Agency of Liberia (FIA) has commended the International Bank of Liberia Limited (IBLL) for achieving significant compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations, while at the same time urging the institution to address remaining gaps.

The recognition followed a full-scope, risk-based AML/CFT inspection conducted by the FIA as part of its mandate to regulate, supervise, monitor, and enforce compliance across reporting entities.

According to the FIA, the inspection assessed the effectiveness of IBLL’s compliance programs, including its policies, procedures, systems, and controls. The review also measured the bank’s adherence to the AML/CFT Act of 2021 and related regulations, including AML/CFT Regulations for Financial Institutions in Liberia (Regulation No. CBL/RSD/002/2017), Corporate Governance Regulations for Financial Institutions (Regulation No. CBL/RSD/001/2012) and CBL Risk Management Guidelines.

The evaluation, which covered IBLL’s operations as of November 28, 2024, found the bank to be “largely compliant” with significant components of its AML/CFT obligations.

While recognizing this achievement, the FIA urged IBLL to prioritize the full automation of its transaction monitoring system to further enhance the efficiency and effectiveness of its compliance framework.

In a statement, the FIA commended IBLL’s Board of Directors, management, and staff for their “holistic efforts in establishing and ensuring an effective AML/CFT policy, procedures, controls, and system that are largely compliant with the core requirements of AML/CFT laws and regulations.”

The agency emphasized that sustained compliance and continuous improvement remain critical in safeguarding Liberia’s financial system from money laundering, terrorism financing, and other illicit activities.