The Financial Intelligence Agency of Liberia (FIA) has levied a L$15 million fine on Orange Money Liberia (OML) for serious breaches of Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws, following a detailed compliance inspection.
According to a press release issued Tuesday, the penalty stems from a risk-based compliance inspection conducted by the FIA between September 2–13, 2024. The inspection evaluated OML’s internal systems, governance practices, and adherence to key regulatory instruments, including the 2021 AML/CFT Act, the Mobile Money Regulations (No. CBL/RSD/003/2014), Corporate Governance Regulations (No. CBL/RSD/001/2012), and the CBL Risk Management Guidelines.
The FIA’s findings uncovered a series of critical failures and regulatory violations that severely undermine the country’s financial integrity and anti-financial crime efforts.
Key Violations Identified
Among the major infractions cited:
Limited Board Oversight: The Board of Directors failed to provide adequate supervision over money laundering and terrorism financing risks, with no routine compliance performance reviews in place. Confidentiality Breach: OML was found to have potentially compromised the confidentiality of Suspicious Transaction Reports (STRs) by allowing a third-party, CECOM, based in a foreign jurisdiction, to process such reports. This contravenes Section 15.3.22 (2.b) of the AML/CFT Act. Ownership Non-compliance: OML violated Paragraph 5, Section 6 of the Mobile Money Regulation by not enabling Liberian private investors or institutions to hold the required minimum of 20% ownership in the company. Outdated Compliance Manual: The company’s AML/CFT manual, revised in 2024, has yet to reflect the updated legal requirements and standards laid out in the 2021 AML/CFT Act and supporting regulations. Weak Risk Management Framework: OML lacked proper systems to classify high-risk clients, especially politically exposed persons (PEPs), forex bureaus, and other cash-intensive agents. Inadequate Monitoring Systems: Full agents and merchants were operating under unrestricted transaction limits, with no mechanisms to flag suspicious transactions, resulting in very low submission of STRs.
FIA Orders Immediate Action
In response, the FIA has ordered Orange Money Liberia to pay the L$15 million fine into the Government of Liberia’s escrow account within ten working days, from May 27 to June 9, 2025.
In addition, OML must:
Submit a remediation plan that includes an action plan with clear timelines, approved by its senior management and certified by the FIA, by Monday, June 23, 2025. Implement corrective measures to address all identified deficiencies and bring its operations into full compliance by September 1, 2025.
FIA Issues Stern Warning
The FIA emphasized that these violations not only breach Liberia’s legal and regulatory standards but also present serious risks to the financial ecosystem. The agency affirmed its commitment to rigorous supervisory oversight and warned that further non-compliance by financial institutions would be met with decisive enforcement actions.
Orange Money Liberia, a subsidiary of the global telecommunications giant Orange Group, plays a dominant role in Liberia’s mobile money landscape. This unprecedented fine sends a strong message across the financial and telecom sectors that compliance with AML/CFT laws is non-negotiable.
As of press time, OML has not issued a public statement in response to the fine or the FIA’s findings.
See Letter Below:
