The Financial Intelligence Unit has admonished the Afriland Bank to put in place mechanism to avoid breach of the regulations on both Suspicious Transaction Reporting (STR) and Currency Transaction Reporting (CTR)Monrovia – The Financial Intelligence Unit of Liberia (FIU) has fined the Afriland Bank the L$250,000 for the violation of section 2.1.2 of the currency transaction reporting regulation. The FIU fined the bank in keeping with its Act of 2012, specifically section 67.39(n). According to a release, Afriland was found to be in breach of the regulation for filing currency transaction report far beyond the required statutory period of three days. The current regime of cash payment over the counter and at ATMs remains a high risk to money laundering and terrorist financing in Liberia,” stated the release. Meanwhile, Afriland Bank has paid the fine and presented the receipt to the FIU.

Source: Front Page Africa June 17, 2020 10:18 UTC