MONROVIA, LIBERIA-The Financial Intelligence Agency (FIA) of Liberia has imposed a fine of six million Liberian Dollars on the 50/50 Casino Incorporated for non-compliance with the Anti-Money Laundering and Countering (AML/CFT) of Terrorism laws of Liberia.

The administrative sanction is triggered by outcomes of the recent FIA risk-based AML/CFT Inspection Report, which adjudged 50/50 Casino to be non-compliant with the AML/CFT Laws of Liberia, which exposes Liberia to a money laundering and terrorist financing risk.

Recently, the FIA conducted an AML/CFT Risk-based Compliance

Inspection of the gaming sector to assess the adequacy of Compliance Programs implemented by gaming entities in Liberia, about policies, procedures, and controls consistent with the AML/CFT Act of 2021.

According to the FIA, 50/50 Casino is in gross violation of Liberia’s AML/CFT Laws, Section 15.3.2, which relates to the Casino’s failure to undertake Customer Due Diligence, as well as a lack of AML/CFT Risk-based policy, procedures, and control program.

The FIA further stated that the findings also identify deficiencies in the Casino’s customers’ onboarding process, which is ineffective and lacks compliance oversight.

Meanwhile, the FIA has instructed the Management of 50/50 Casino Incorporated to take appropriate corrective measures in line with the AML/CFT Act of 2021.

The Casino is expected to develop an Action Plan with well-defined timelines as part of remediation measures and submit the same to the FIA before or by September 1, this year.

The Management of the Casino has been mandated to ensure that all deficiencies identified in the FIA AML/CFT Risk-based Compliance Report are addressed, as well as mitigation measures are adopted to curb the risk of money laundering, terrorist and proliferation financing, no later than November 1, this year.

The FIA has vowed to take appropriate supervisory actions where necessary to ensure that 50/50 Casino Incorporated complies with its AML/CFT obligations.

By: Sampson David