The Financial Intelligence Agency (FIA) has issued administrative sanctions against the United Bank of Africa (UBA) for violating the Anti-Money Laundering Law and the FIA Act of 2021.
UBA-Liberia failure to transmit legally requested information to the FIA led to this decision.
“The UBA-Liberia’s failure to transmit legally requested information to the FIA does not only violates Liberia’s AML/CFT laws and regulations, but it also signifies a significant weakness and gap in the bank’s risk management framework and poses serious threat to the country’s fight against Money Laundering,” the FIA said.
The FIA has given the UBA a 72-hour ultimatum to comply.
The FIA has issued a strong warning to UBA-Liberia in keeping with section 67.3 of the FIA Act of 2021 and section 15.3.29 of the AML/CFT Act of 202.
The FIA warning comes as an administrative sanction against the UBA for it’s failure to effectively and adequately adhere to Liberia’s Anti-money Laundering and Countering the Financing of Terrorism which compliance measures, which are essential factor to fighting financial crimes in Liberia.
