The Financial Intelligence Agency continue to punish businesses caught in the web of illegal operations, the latest amongst them is , Golden Casino and Riverside Casino respectively.
The drastic action the FIA stated is in an effort to reinforce AML/CFT compliance and to protect Liberia’s financial system.
The Financial Intelligence Agency of Liberia (FIA) said as part of its efforts to strengthened AML/CFT compliance function saw the need to penalize Golden Casino and Riverside Casino with monetary fines of L$10 Million Liberian dollars each for failure to meet critical and essential Anti Money Laundering and Countering the Financing of Terrorism, Preventive Measures, and Proceeds of Crimes Act Requirements as provided by Liberia’s AML/CFT Act of 2021.
The decision came following the FIA’s full scope risk-based Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Inspection conducted at Golden Casino from October 10, 2024 -March 17, 2025, details the outcomes of the Agency’s Risk-based AML/CFT Compliance Inspection exercise.
FIA in a statement indicated that among other things, the primary objectives of assessing the adequacies of GOLDEN Casino’s compliance programs, including policies, procedures, and control, consistent with the full range of the AML/CFT Obligations as provided by the country’s AML/CFT Act of 2021, and to evaluate the level of risk inherent with GOLDEN Casino’s operations.
Following the inspection, The Agency’s risk-based exercise identified what it describes as major violations to include,
GOLDEN Casino’s failure to establish an Independent AML/CFT Compliance function that is proportional to and consistent with the level of Money Laundering, Terrorist Financing, and Proliferation of Weapon of Mass Destruction (WMB) Risk.
The FIA also identified that GOLDEN Casino does not have an AML/CFT Compliance Officer in violation of Section 15.3. 12 (1) of the AML/CFT Act of 2021.C. GOLDEN Casino’s AML/CFT Policies, Procedures, and Controls are not risk-based and significantly inadequate to address the Money Laundering and Terrorist Financing Risk of the institution.
According to the FIA, the existing policy does not address the following in line with section 15.3.10(2) of the AML/CFT Act, Risk Assessment, PEPs, and BO, compliance functions.
In addition, the existing Policy is not approved by Senior Management consistent with section 15.3. 12(2.b) of the AML/CFT Act of 2021.D.
At the same time, FIA disclosed that GOLDEN Casino does not implement Know-your-Customers/Customer Due Diligence, Enhanced Due Diligence requirement, as required by Golden Casino AML/CFT Policy and Procedures Manual.
“Moreover, GOLDEN Casino AML/CFT Manual is not communicated/distributed to all relevant staff, nor is the manual implemented in a coordinated way across appropriate departments and GOLDEN Casino has not conducted independent audit arrangements to review, test, and verify compliance with the effectiveness of the measures taken in accordance with Liberia’s AML/CFT Act of 2021”, FIA added.
GOLDEN Casino, the Inspection uncovers, lacks the appropriate mechanism and framework to effectively conduct ongoing monitoring of all business relationships and functions employing a risk-based approach.
Additionally, it lacks the system to monitor, detect, and report Suspicious Transactions.
In a move to avoid recurrence, the intelligence agency instructs the Governance Structure of GOLDEN Casino to among other things Develop an Action Plan and Compliance Inspection Report) with well-defined timelines as part of remediation measures and submit the same to the FIA Monday, May 19, 2025.
Additionally, FIA called on the business entity to put in place all appropriate measures 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 Wednesday, July 9, 2025.
In a related development, the Financial Intelligence Agency of Liberia (FIA) has penalized Riverside Casino by levying a monetary fine of L$10 million Liberian dollars for its failure to meet critical and essential Anti Money Laundering and Countering the Financing of Terrorism, Preventive Measures, and Proceeds of Crime Act Requirements as provided by Liberia’s AML/CFT Act of 2021.
The Agency enforced the AML/CFT decision, following a Risk-based AML/CFT Compliance Inspection that details the outcomes of the FIA Risk-based AML/CFT Compliance Inspection conducted at RIVERSIDE Casino from October 9, 2024 – March 17, 2025.
The inspection was a full scope Risk-based AML/CFT Compliance Inspection with primary objectives of evaluating the following processes to include, Assessing the adequacies of RIVERSIDE Casino’s Compliance Programs, including policies, procedures, and control, consistent with the full range of the AML/CFT Obligations as provided by Liberia’s AML/CFT Act of 2021, and evaluating the level of Risk inherent with RIVERSIDE Casino’s operations.
At the same time, The FIA has identified major violations in the Risk-based AML/CFT Compliance Inspections, which include RIVERSIDE Casino’ failure to establish an Independent AML/CFT Compliance function.
Moreover, the Inspection discovered that RIVERSIDE does not have an AML/CFT Compliance Officer in violation of section 15.3.12 (1) of the AML/CFT Act of 2021.2. RIVERSIDE Casino AML/CFT Policies, Procedures, and Controls are not risk-based and significantly inadequate to address the Money Laundering and Terrorist Financing Risk of the institution.
” For example, the existing policy does not address the following in line with Section15.3.10(2) of the AML/CFT Act of 2021, Risk Assessment, PEPs, and BO, Compliance Functions”, the FIA reemphasized.
In addition, FIA stated that the existing Policy is not approved by Senior Management consistent with Section15.3.12(2.b) of the AML/CFT Act of 2021.
RIVERSIDE Casino, FIA disclosed does not also implement Know-your-Customers/Customer Due Diligence/Enhanced Due Diligence requirements, as required by RIVERSIDE Casino AML/CFT Policy and Procedures Manual.
“RIVERSIDE Casino AML/CFT Manual is not communicated/distributed to all relevant staff, neither is the manual implemented in a coordinated way across appropriate departments”, it noted.
RIVERSIDE Casino has not conducted independent audit arrangements to review, test, and verify compliance with the effectiveness of the measures taken in accordance with the AML/CFT Act of 2021, the FIA added.
Referencing other violations, FIA pointed out that RIVERSIDE Casino also lacks the appropriate mechanism and framework to effectively conduct ongoing monitoring of all business relationships and transactions, employing a risk-based approach and it also lacks the system to monitor, detect, and report Suspicious Transactions.
In a move to improve compliance, the FIA instructs the Riverside Casino to develop an Action Plan with well-defined timelines as part of remediation measures and submit the same to the FIA Monday, May 19, 2025.2)
At the same time, the FIA encouraged that business entity to put in place all appropriate measures 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 Wednesday, July 9, 2025.
FIA reechoed the need for Golden Casino and Riverside Casino to deposit L$10 million Liberian dollars each in the Liberian Government escrow account no later than ten (10) working days, commencing from May 8, 2025, to May 21st, 2025.
Meanwhile, the FIA additionally warned that it shall take appropriate supervisory actions, where necessary, to ensure Golden Casino and RIVERSIDE Casino Comply fully with the Full range of AML/CFT Obligations.
