The Financial Intelligence Agency of Liberia (FIA) has announced sweeping enforcement actions against two major institutions, Oceano Casino and Citi Trust Savings and Loans Liberia, imposing monetary fines of L$10 million and L$5 million respectively for what it described as “egregious violations” of Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021.
According to a statement from the FIA, the sanctions follow extensive risk-based compliance inspections spanning several months. The inspections uncovered critical failures by both institutions to adhere to essential AML/CFT obligations, thereby exposing the financial system to significant risks related to money laundering and terrorist financing.
Oceano Casino Faces L$10 Million Fine
The FIA’s inspection of Oceano Casino, conducted between October 2, 2024, and March 17, 2025, revealed multiple grave infractions, including the casino’s failure to identify and monitor its money laundering risk and the absence of an independent AML/CFT compliance structure.
Key violations included:
Failure to identify, assess, and monitor money laundering risks linked to customers, services, and geographic areas. Lack of an appointed AML/CFT Compliance Officer. An inadequate and outdated AML/CFT policy that does not meet legal standards, especially in regard to politically exposed persons (PEPs), risk-based due diligence, and transaction monitoring. Inability to detect or report suspicious transactions.
As part of corrective measures, the FIA has instructed Oceano Casino to:
Submit a comprehensive action plan with defined timelines to the FIA by Monday, May 12, 2025. Implement all required reforms and address deficiencies no later than July 9, 2025.
Oceano Casino is required to deposit the L$10 million fine into the Government of Liberia escrow account within ten working days, no later than May 16, 2025.
Citi Trust Liberia Penalized L$5 Million
In a parallel action, Citi Trust Savings and Loans Liberia, Inc has also been penalized following a full-scope inspection conducted between December 2, 2024, and March 12, 2025. The FIA cited “significant inadequate controls” and a failure to comply with Liberia’s AML/CFT laws and financial regulations.
Notable violations include:
Failure to assess and monitor inherent money laundering risks. Lack of board oversight of the AML/CFT function. Use of an outdated AML/CFT manual referencing Nigerian regulatory frameworks, not aligned with Liberian law. No board-approved appointment of a Head of Compliance. Absence of a mechanism to monitor or report suspicious transactions.
Citi Trust Liberia has been ordered to:
Submit a remediation action plan to the FIA by May 12, 2025. Fully address all identified deficiencies by Tuesday, July 1, 2025.
The institution must also pay the L$5 million fine into the government escrow account by May 16, 2025.
FIA to Maintain Strict Oversight
The FIA emphasized that it will maintain strict supervisory oversight over both institutions to ensure full compliance with AML/CFT regulations. “These actions reaffirm the FIA’s commitment to safeguarding the integrity of Liberia’s financial system and ensuring that all institutions operate within the confines of the law,” the agency said.
The FIA warned that further sanctions could follow should either institution fail to meet the corrective deadlines or demonstrate continued non-compliance.
