Published: October 2, 2025
MONROVIA — Liberia’s Financial Intelligence Agency (FIA) has fined the Liberian Bank for Development and Investment (LBDI) L$18.5 million for what it called “critical and egregious” lapses in complying with the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021.
The penalty follows a risk-based compliance inspection conducted at LBDI from December 2 to 13, 2024, which the FIA said uncovered serious weaknesses in the bank’s internal controls and repeated failures to follow AML/CFT obligations.
In its inspection report, the FIA said LBDI’s board failed to exercise adequate oversight of the bank’s AML/CFT risk-management program in violation of the Central Bank’s Corporate Governance Regulations. The report also cited the bank for failing to identify, assess and monitor money-laundering risks related to its customers, products, services, geographic exposure and delivery channels. Senior management was found not to have approved key AML/CFT policies as required by law.
The agency further noted that LBDI lacked effective systems for verifying customer and beneficial-owner information, especially for high-risk clients, and failed to file suspicious-transaction reports with the FIA despite having software designed for that purpose. The employees tasked with monitoring suspicious activity also lacked proper training, according to the report.
The FIA has ordered LBDI to deposit the L$18.5 million fine into the government’s account at the Central Bank of Liberia within ten working days, from September 29 to October 10, 2025, and to submit proof of payment to the agency. It also directed the bank to develop a corrective action plan with clear timelines and submit it by October 20, 2025. All deficiencies identified in the inspection must be resolved no later than December 1, 2025.
The FIA warned that it will take further supervisory actions if LBDI fails to meet the deadlines or fully comply with the AML/CFT law.
The regulator said the enforcement action is meant to strengthen LBDI’s internal controls and reduce risks tied to money-laundering, terrorist financing and the proliferation of weapons of mass destruction. The case reflects Liberia’s push to tighten oversight of its banking sector to meet international standards and safeguard its financial system from illicit finance.
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