The two institutions have reportedly failed to settle their respective obligation with the agency.
The Financial Intelligence Agency (FIA) has fined the Oceano Casino and Citi Trust Liberia for their “failure to meet up with critical and essential obligations with the entity.”
The move against the two business entities, the FIA said, is intended to serve as deterrent to would be violators to do likewise.
According to the agency, due to the gravity of the offense, the two institutions have been fined L$10 million and L$5 million; totaling L$15 million, respectively.
The agency said, their latest action was the result of ‘egregious violations of the country’s anti money laundering and countering the financing of terrorism (AML/CFT) laws, and significant inherent risk exposure of the casino to money laundering and terrorist financing.
The agency, meanwhile, frowns at the two businesses for their “failure to meet critical and essential AML/CFT requirements as provided by the country’s AML/CFT Act of 2021.”
The decision came following a detailed risk-based AML/CFT compliance inspection the FIA conducted from October 2, 2024-March 17, 2025.
As part of the inspection, the FIA identified major violations in the risk-based AML/CFT compliance inspections of Oceano Casino, which include the alleged failure it to take the appropriate steps consistent with law to identify, assess and monitor its Money Laundering Risk, including those of pre-existing Customers, Products, Services, Geographical Locations, and Delivery Channels, which the FIA said constitute violation of section 15.3.1, section 15.3.10 of the AML/CFT Act of 2021.
Additionally, FIA said the alleged failure of Oceano Casino to establish an independent AML/CFT compliance function that is proportional to, and consistent with the level of Money Laundering and Terrorist Financing and Proliferation of Weapon of Mass Destruction (WMB) Risk.
“Oceano Casino does not have an AML/CFT Compliance Officer in violation of Section 15.3.12 (1) of the AML/CFT Act of 2021.3) Oceano Casino AML/CFT Policy, procedures, and controls are not risk-based and significantly inadequate to address the Money Laundering and Terrorist Financing risks of the Institution,” FIA said.
The FIA further said, Oceano Casino AML/CFT Policy does not align with the requirements of section 15.3.12 (2.c) of the AML/CFT Act of 2021; it does not provide for screening of customers, including Politically Exposed Persons (PEPs), Risk-based Customer Due Diligence, High-risks, Low risks, Enhanced Due Diligence, and Ongoing Simplified Due Diligence.
Oceano Casino, FIA alleged, lacks the appropriate mechanism and framework to effectively conduct ongoing monitoring of all business relationships and transactions, employing a risk-based approach.
FIA observed that Oceano Casino lacks the system to monitor, detect, and report Suspicious Transactions (STR).
However, and in bid to ensure compliance, the FIA instructs the governance structure of Oceano Casino to perform key mitigating measures, including the development of an action plan with well-defined timelines as part of remediation measures and submit the same to the agency on Monday, May 12, 2025.
The FIA meanwhile called on the two affected businesses to ensure that all appropriate measures are put in place to address all deficiencies identified in the FIA Risk-based AML/CFT Compliance Report and mitigate the risk of Money Laundering and Financing of Terrorism and Proliferation of Weapon of Mass Destructions, no later than July 9, 2025.
In a related development, the FIA took a step to enforce mitigating measure by imposing a fine of L$5 million against CITITRUST Savings and Loans Limited Liberia, Inc.
The FIA’s decision was the result of the significant inadequate controls, egregious non-compliance, and violations to AML/CFT obligations as identified in the FIA Risk-based AML/CFT Compliance Inspection Report.
The FIA identified the failure of CITITRUST Saving and Loans Limited Liberia, Inc to meet critical and essential AML/CFT requirements as provided by Liberia’s AML/CFT Act of 2021, following a Risk-based AML/CFT Compliance Inspection conducted by the FIA from December 2, 2024 – March 12, 2025.
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