MONROVIA – The Financial Intelligence Agency of Liberia (FIA) has imposed sweeping penalties on two major gambling institutions—Golden Casino and Riverside Casino—each fined L$10 million Liberian dollars for egregious failures to meet anti-money laundering and counter-terrorism financing standards.
The fines, announced Thursday, stem from the FIA’s risk-based compliance inspections conducted between October 2024 and March 2025. The inspections uncovered extensive violations of the 2021 Anti-Money Laundering, Terrorist Financing, Preventive Measures, and Proceeds of Crime Act (AML/CFT Act), which governs efforts to safeguard Liberia’s financial sector from illicit transactions.
According to the FIA, both Golden Casino and Riverside Casino failed to meet critical legal obligations, including the establishment of independent AML/CFT compliance units and the appointment of compliance officers—fundamental provisions under Section 15.3.12 of the AML/CFT Act.
Golden Casino’s Violations
The full-scope inspection of Golden Casino revealed a compliance framework severely lacking in both structure and effectiveness. The casino failed to appoint an AML/CFT Compliance Officer and had no risk-based policies to address money laundering, terrorist financing, and proliferation of weapons of mass destruction.
The FIA said Golden Casino’s existing AML/CFT policy was not approved by senior management, nor did it address essential elements such as Politically Exposed Persons (PEPs), Beneficial Ownership (BO), or risk assessments—violations of Sections 15.3.10(2) and 15.3.12(2)(b) of the Act.
Further, the casino neglected to implement Know-Your-Customer (KYC) and Enhanced Due Diligence (EDD) procedures. Its compliance manual was reportedly neither disseminated to staff nor uniformly implemented across departments. Golden Casino also lacked systems to monitor suspicious transactions and failed to conduct independent audits.
Riverside Casino Also Flagged
Similar lapses were detected at Riverside Casino, according to the FIA’s findings. The casino did not establish an independent compliance structure or designate a Compliance Officer, both of which are statutory requirements.
The inspection found Riverside’s policies and procedures to be significantly inadequate and not risk-based. Like Golden Casino, Riverside had not implemented KYC/EDD protocols and had not conducted the mandatory independent audits to assess the effectiveness of its AML/CFT measures.
Additionally, Riverside lacked the mechanisms to monitor and detect suspicious transactions and failed to roll out its compliance manual across departments—flaws the FIA says expose Liberia’s financial system to serious risk.
Regulatory Directives and Deadlines
The FIA has instructed the governance structures of both casinos to develop detailed action plans with clear timelines. These must be submitted by Monday, May 19, 2025, and must address all identified deficiencies.
Both institutions have also been given until Wednesday, July 9, 2025, to fully implement corrective measures that align with the AML/CFT Act.
Furthermore, the FIA directed that the L$10 million fines must be deposited into the Liberian Government’s escrow account no later than Wednesday, May 21, 2025—ten working days from the issuance of the fines.
Next Steps
The FIA emphasized that it will continue to monitor both institutions closely and take additional supervisory actions if they fail to comply with the mandated obligations.
“The Agency remains committed to protecting Liberia’s financial system and ensuring full compliance with AML/CFT standards,” the FIA stated.
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