MONROVIA – The Financial Intelligence Unit of Liberia (FIU) has fined Access Bank Liberia Limited LRD$500,000.00 in keeping with the regulation on Suspicious Transaction Reporting for Financial Institutions section 3.2.(d)(i). Access Bank Liberia was found to be in breach of section 67.5 (a) of the Financial Intelligence Unit Act of 2012 that mandates reporting entities to file Suspicious Transaction Report (STRs) within three days. Also, the regulation on Suspicious Transaction Report section 2.4 provides no exemption to filing STRs. It was found during an inspection of Access Bank AML/CFT compliance that Access Bank Liberia had not file Suspicious Transaction Reports (STRs) as discovered by the team and also had not file any STR from January 2019 to the time of inspection. The FIU calls on all reporting entities to take their reporting obligation seriously as the FIU will not hesitate in providing sanctions that are proportionate and dissuasive to violations.

Source: Front Page Africa June 07, 2021 07:30 UTC