Monrovia – The Financial Intelligence Agency of Liberia (FIA) has imposed a fine of L$18.5 million on the Liberian Bank for Development and Investment (LBDI) for failing to meet critical requirements under the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021.
According to the FIA, the penalty follows a risk-based AML/CFT compliance inspection conducted at LBDI between December 2–13, 2024, which uncovered significant weaknesses, inadequate controls, and egregious non-compliance in the bank’s AML/CFT obligations.
The FIA’s inspection report cited several violations, including lack of Board oversight on AML/CFT risk management, in contravention of Section 12.0 of the Amended Corporate Governance Regulations for Financial Institutions (No. CBL/RSD/001/2012). The bank also failed to identify, assess, and monitor its money laundering risks — including those linked to pre-existing customers, products, services, geographic exposure, and delivery channels — as required under Sections 15.3.1 and 15.3.10 of the AML/CFT Act of 2021, and Section 2.9 of the AML/CFT Regulations for Financial Institutions in Liberia (No. CBL/RSD/002/2017).
Additionally, the report noted that LBDI’s senior management failed to approve the bank’s AML/CFT policies, a violation of Section 15.3.12(2) of the same Act.
Other breaches highlighted by the FIA include the absence of a proper mechanism to verify customer and beneficial ownership information using reliable and independent sources — especially for high-risk customers — and the bank’s failure to file suspicious transaction reports with the FIA as mandated by Section 15.3.20 of the AML/CFT Act. This occurred despite the bank possessing software capable of monitoring and flagging suspicious transactions. The FIA also found that employees responsible for these functions lacked adequate training to effectively carry out their duties.
The FIA has directed LBDI to deposit the L$18.5 million fine into the Government of Liberia’s account at the Central Bank of Liberia (CBL) within ten working days, from September 29 to October 10, 2025, and to submit a copy of the deposit slip to the Agency.
Furthermore, the FIA instructed LBDI management to develop and adopt an action plan with clear timelines to address all deficiencies identified in the compliance report. The plan must be submitted to the FIA by Monday, October 20, 2025. The bank is also required to implement comprehensive corrective measures to mitigate the risks of money laundering, terrorist financing, and proliferation financing no later than December 1, 2025.
The Agency warned that it will take further supervisory actions where necessary to ensure that LBDI fully complies with all AML/CFT obligations.
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