Monrovia, Liberia – May 5, 2025: The Financial Intelligence Agency of Liberia (FIA) has imposed significant monetary penalties totaling L$15 million Liberian dollars on Oceano Casino and Citi Trust Savings and Loans Liberia, Inc. for what it describes as “egregious violations” of Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021.
Oceano Casino has been fined L$10 million, while Citi Trust Liberia faces a L$5 million penalty. According to the FIA, both institutions failed to comply with critical AML/CFT obligations following comprehensive risk-based compliance inspections conducted between October 2024 and March 2025.
Major Failures at Oceano Casino
The FIA’s inspection of Oceano Casino uncovered multiple breaches, including Failure to identify, assess, and monitor money laundering risks, particularly concerning pre-existing customers, products, services, delivery channels, and geographic locations—violations of Sections 15.3.1 and 15.3.10 of the AML/CFT Act.
• Absence of an independent AML/CFT compliance function and officer, in breach of Section 15.3.12(1).
• An outdated and inadequate AML/CFT policy not aligned with risk-based standards, lacking protocols for screening customers—including Politically Exposed Persons (PEPs)—and failing to implement due diligence procedures.
• Lack of systems to monitor business relationships and detect/report suspicious transactions.
The agency has directed the casino to develop and submit a corrective Action Plan by May 12, 2025, and to fully implement corrective measures by July 9, 2025.
Citi Trust Liberia Cited for Outdated Controls and External Framework Reliance.
Citi Trust Savings and Loans Limited Liberia, Inc. was fined following a similar compliance review conducted from December 2024 to March 2025. The FIA reported that the institution failed to assess and manage inherent money laundering risks.
Its board of directors lacked oversight over AML/CFT compliance activities, Its AML/CFT policy manual was outdated and referenced Nigeria’s regulatory framework rather than Liberia’s, violating Section 15.3.12(2.c) of the 2021 Act.
In addition it lacked risk-based customer due diligence systems and mechanisms for detecting and reporting suspicious transactions and appointment of the Head of Compliance was not conducted in line with Liberia’s Corporate Governance Regulations.
Citi Trust has also been instructed to submit a remediation plan by May 12 and implement all corrective measures by July 1, 2025.
Payment Orders and Further Action
Both institutions have been ordered to deposit their respective fines into a designated Liberian Government escrow account by May 16, 2025. The FIA warned that further supervisory actions will be taken if the institutions fail to meet their AML/CFT obligations going forward.
“The FIA takes seriously its mandate to protect Liberia’s financial system from the threats of money laundering and terrorist financing,” said Mohammed A. Nasser, Officer-In-Charge at the FIA. “Institutions that operate with disregard for our laws and expose the financial system to high risks will face the full force of regulatory actions.”
The FIA emphasized that it remains committed to enforcing the AML/CFT Act of 2021 and strengthening national safeguards against illicit financial activities.
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