By: Akoi M. Baysah, Jr.
In a stringent regulatory action aimed at safeguarding Liberia’s financial system, the Financial Intelligence Agency of Liberia (FIA) has imposed heavy fines of L$10 million Liberian dollars each on Golden Casino and Riverside Casino.
The penalties follow comprehensive inspections revealing egregious violations of the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021.
The FIA’s full-scope, risk-based inspections conducted between October 2024 and March 2025—uncovered systemic deficiencies and non-compliance in both casinos’ operations.
These violations raise serious concerns about the institutions’ ability to prevent money laundering, terrorist financing, and the potential proliferation of weapons of mass destruction (WMDs).
According to the FIA, Golden Casino failed to establish a functioning and independent AML/CFT compliance system.
According to FIA the major violations include no designated AML/CFT Compliance Officer, in breach of Section 15.3.12 (1) of the Act, the lack of a risk-based AML/CFT compliance framework, and non-implementation of Know-Your-Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence procedures.
Further indicating the absence of independent audits to verify AML/CFT compliance, Inadequate staff training and internal communication regarding AML/CFT policies and no system to monitor or report suspicious transactions.
The FIA has ordered Golden Casino’s governance structure to submit an action plan by May 19, 2025, and correct all deficiencies by July 9, 2025.
Additionally, Similar inspection at Riverside Casino revealed near-identical violations, including: No independent compliance function or officer, Inadequate and non-risk-based AML/CFT policies, failure to apply KYC/CDD procedures and lack of staff awareness and training on AML/CFT responsibilities.
The fine also include, no independent audit mechanism to test compliance, and the absence of a suspicious transaction monitoring system.
The Riverside Casino has also been instructed to submit a detailed remediation plan by May 19 and fully address all shortcomings by July 9.
Both institutions are required to deposit the L$10 million fine into a Liberian government escrow account within ten working days from May 8 to May 21, 2025. The FIA warned that failure to comply could trigger further supervisory actions.
The FIA emphasized that these enforcement actions are part of its broader mandate to ensure financial institutions in Liberia operate transparently and adhere strictly to international AML/CFT standards.
“The FIA remains resolute in holding accountable any entity that fails to comply with Liberia’s AML/CFT laws. These actions are necessary to protect the integrity of our financial system and deter illicit financial activities,” the Agency stated.
As Liberia seeks to maintain international credibility in financial governance, these latest sanctions mark a strong signal of the FIA’s intent to enforce compliance across all sectors of the economy.
