FIA Announces UBA-Liberia's Full Compliance with Regulatory Request
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Loading... - Morowa Sowah
- 16 Sep 2024
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The Financial Intelligence Agency of Liberia (FIA) has announced that the United Bank for Africa (UBA-Liberia) is now in full compliance with its recent request for information. This comes after the bank responded swiftly to a 72-hour ultimatum issued by the FIA, following an earlier administrative warning for non-compliance with Liberia's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations.
The FIA had issued a warning to UBA-Liberia, highlighting the bank's failure to transmit legally requested information crucial to Liberia's AML/CFT regime. The warning pointed to a serious concern regarding the effectiveness of UBA-Liberia's compliance measures, which are essential in the fight against money laundering, terrorist financing, and other financial crimes in Liberia.
UBA-Liberia has provided all the necessary documents and information as mandated under Section 67.3 of the FIA Act of 2021. This compliance marks a significant step in reinforcing the bank's commitment to supporting the country's financial regulations and strengthening its risk management framework.
The FIA has acknowledged the bank's prompt action to meet the regulatory requirements within the given deadline. The agency expressed satisfaction with UBA-Liberia, stating that the bank has demonstrated a strong commitment to aligning with the FIA's regulatory standards.
UBA-Liberia has reaffirmed its dedication to upholding the highest standards of transparency and corporate governance. The bank emphasized that it values its relationship with the FIA and remains committed to contributing positively to Liberia's efforts in combating financial crimes.
This incident underscores the importance of vigilance and cooperation between regulatory bodies and financial institutions in maintaining the integrity of Liberia's financial sector. UBA-Liberia's commitment to compliance is a positive step towards ensuring the stability and security of the country's financial system.
The FIA's announcement marks a significant milestone in the bank's efforts to comply with regulatory requirements. UBA-Liberia's commitment to transparency and corporate governance is a testament to its dedication to upholding the highest standards of banking practices in Liberia.
