The Financial Intelligence Unit (FIU) of Liberia says an employee of the Liberia Bank for Development and Investment (LBDI) has violated the Suspicious Transaction Reporting Regulation (STRs) based on this information from the FIU, the Bank has with immediate effect suspended its Vice President for Compliance and Investments, Mr. Oday G. Vaye for a month without pay.
According to a release from the bank, the executive was suspended based upon a recommendation from the Financial Intelligence Unit (FIU) of Liberia for violation of the Suspicious Transaction Reporting Regulation (STRs).
“You are hereby suspended from work for one month without pay effective May 1, 2020. Please note also that this suspension emanates from a recommendation from the Financial Intelligence Unit,” the statement said.
The release further stated that the FIU found LBDI in breach of the regulation for late and incomplete filing of Suspicious Transaction Report (STR). The Regulation mandates all reporting entities to file Suspicious Transaction Report (STR) within three days along with all of the particulars of the persons/ institutions the report is being filed about.
The Regulation on Suspicious Transactions Reporting calls for fines and administrative actions which include removal of responsible staff or executives of financial institutions for breach.
Meanwhile, the Financial Intelligence Unit of Liberia, is encouraging reporting entities to take their compliance obligation seriously as the FIU will not hesitate to carry out the appropriate sanctions that are dissuasive for deterrence.
The release furthered that reporting entities should be reminded that in the wake of the Coronavirus pandemic, filing of STRs and CTRs are not prohibited and the FIU expects all reporting entities to file using the medium provided.