IBLL Shines in AML/CFT Compliance -FIA Calls for Further Improvement to Enhance Effectiveness

MONROVIA – The Financial Intelligence Agency of Liberia (FIA) has recognized the International Bank of Liberia Limited (IBLL) for achieving significant compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations and other critical regulatory laws.

This recognition follows a full-scope, risk-based AML/CFT inspection conducted by the FIA as part of its mandate to regulate, supervise, monitor, and enforce compliance by Reporting Entities.

The scope of the inspection was a full-scope risk-based AML/CFT Inspection with the primary objectives to assess the effectiveness of IBLL’s Compliance Programs, including policies, procedures, compliance system, and control with the full range of the AML/CFT obligations consistent with the AML/CFT Act of 2021.

The inspection also reviewed IBLL’s compliance with the AML/CFT Regulations for Financial Institutions in Liberia, No. CBL/RSD/002/2017, Corporate Governance Regulations for Financial Institutions No. CBL/RSD/001/2012, and CBL Risk Management Guidelines.

Additionally, the inspection evaluated the level of risk inherent in IBLL’s operations as of November 28, 2024.

The outcomes of the risk-based AML/CFT Inspection highlighted that IBLL is adjudged to be “Largely Compliant” in significant components of its AML/CFT obligations as required by the AML/CFT Act of 2021, AML/CFT Regulations for Financial Institutions in Liberia, and the Corporate Governance Regulation for Financial Institutions.

The FIA commends the Board of Directors, Management, and Staff of the International Bank Liberia Limited (IBLL) for their holistic efforts in establishing and ensuring an effective AML/CFT and PEP policy, procedures, controls, and system that are largely compliant with significant components of AML/CFT and PEP laws and regulations.

While recognizing this achievement, the FIA admonishes IBLL to immediately prioritize the full automation of its transaction monitoring system to enhance the effectiveness and efficiency of its AML/CFT framework.

This step is crucial in further strengthening IBLL’s compliance posture and mitigating potential risks associated with money laundering and terrorist financing, an FIA release noted.