The FIA issued an ultimatum against UBA last week following an earlier administrative warning for non-compliance with Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism regulations.
Monrovia, September 3, 2024: The Financial Intelligence Agency of Liberia (FIA) has officially 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 swiftly responded to the FIA’s 72-hour ultimatum. The ultimatum was issued following an earlier administrative warning for non-compliance with Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations.
According to a release from the FIA, 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 strengthening the bank’s commitment to supporting the country’s financial regulations and risk management framework.
The situation unfolded last week when the FIA 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.
In its announcement on Monday, September 2, 2024, the FIA acknowledged the bank’s prompt action to meet the regulatory requirements within the given deadline and expressed satisfaction with UBA-Liberia.
“UBA-Liberia has demonstrated a strong commitment to aligning with the FIA’s regulatory standards, and their swift response to our request is commendable,” FIA noted.
The agency also reiterated its ongoing collaboration with financial institutions to ensure robust compliance frameworks across the sector.
UBA-Liberia, in a parallel statement, 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.
The FIA’s announcement is likely to restore confidence in UBA-Liberia as the bank continues to enhance its compliance measures.
This incident underscores the importance of vigilance and cooperation between regulatory bodies and financial institutions in maintaining the integrity of Liberia’s financial sector.
As part of the United Bank for Africa Plc, a leading Pan-African financial services group with operations in 20 African countries, UBA-Liberia is poised to continue its commitment to delivering high-quality banking services while adhering to stringent regulatory standards.—Press release.
