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 comply with key provisions of the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021.
The penalty comes in the wake of a risk-based compliance inspection carried out at the bank between December 2–13, 2024. According to the FIA, the inspection uncovered serious shortcomings in the bank’s AML/CFT framework, including weak internal controls and widespread non-compliance with regulatory requirements.
The agency’s report highlighted several violations, among them LBDI’s lack of board-level oversight in risk management, failure to identify and assess money laundering risks across its customers, products, services, and delivery channels, as well as senior management’s refusal to approve the bank’s AML/CFT policies. These lapses contravene multiple provisions of the AML/CFT Act and Liberia’s regulatory framework for financial institutions.
Additional findings revealed that LBDI lacked adequate systems to verify customer and beneficial ownership information, particularly for high-risk accounts, and failed to file suspicious transaction reports despite having the necessary monitoring software. The FIA further noted that bank employees tasked with compliance monitoring had not received proper training.
In its ruling, the FIA directed LBDI to deposit the fine into the government’s account at the Central Bank of Liberia within ten working days, from September 29 to October 10, 2025, and submit proof of payment to the agency.
The bank has also been instructed to draft and submit a corrective action plan by October 20, 2025, detailing how it intends to address the identified weaknesses. All corrective measures must be fully implemented no later than December 1, 2025.
The FIA emphasized that it will continue to monitor the bank and take further supervisory actions if necessary to ensure compliance with Liberia’s AML/CFT obligations.
