The Central Bank of Liberia (CBL) and the Financial Intelligence Agency (FIA) have issued a new directive imposing enhanced Customer Due Diligence (CDD) requirements for non-resident, non-Liberian customers and legal persons operating within the country’s financial sector.
According to the joint additional directive issued by the CBL and the FIA, cited as the Directive on Additional CDD Measures (Non-Resident, Non-Liberian) for Financial Institutions, No. CBL/FIA/001/2025, the measure aims to implement Liberia’s domestic legal framework and international obligations related to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
The directive mandates that financial institutions verify a customer’s legal residency status before establishing a banking relationship. “Financial Institutions shall request, obtain, and verify a valid Resident Permit issued by the Liberia Immigration Service (LIS) for all non-resident, non-Liberian client during the onboarding process,” the document states. It further requires that all resident permits remain valid and up to date.
For legal persons and arrangements, the directive requires financial institutions to obtain and verify valid business registration documents and other relevant legal documentation issued by a competent legal authority.
The directive also addresses the timing of CDD measures, noting that verification should generally occur before a business relationship is established. However, it allows for a deferral period not exceeding 90 working days under specific conditions where delaying verification would interrupt normal business operations and the risk of money laundering or terrorism financing remains low.
In cases where a financial institution suspects money laundering or terrorism financing and believes that conducting CDD measures could alert the customer, the directive instructs institutions to cease the CDD process and file a Suspicious Transaction Report (STR) with the FIA.
The directive applies to all categories of financial institutions as defined under the AML/CFT Act of 2021.
Meanwhile, the Financial Intelligence Agency of Liberia (FIA) and the Central Bank of Liberia (CBL) on Monday, February 16, 2026, signed a joint directive that provides additional customer due diligence measures for financial institutions presently operating in Liberia.
The signing ceremony, held in the Board Room at the Central Bank of Liberia, brought together senior staff from both regulatory institutions in a show of unified commitment to combating financial crimes.
The additional Customer Due Diligence (CDD) measures jointly signed by the FIA and CBL represent a critical instrument that addresses one of the deficiencies identified by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in Liberia’s Second Round Mutual Evaluation Report (MER-2) that was released in 2023.
That report placed Liberia on Enhanced Follow-up status, a rating that allows the country to implement mitigating measures to address the identified deficiencies and subsequently apply for re-rating regarding the second-round evaluation report.
Hon. Mohammed Ali Nasser, Officer-In-Charge of the FIA, and Hon. Henry F. Saamoi, Executive Governor of the CBL, officially signed the joint directive at the ceremony, which also serves to provide awareness and public education about the new additional customer due diligence measures that align with the Financial Action Taskforce (FATF) Recommendation 10.
Speaking at the signing program in Monrovia, FIA Officer-In-Charge Nasser elaborated that the FATF Recommendation 10 is a critical global standard on Customer Due Diligence (CDD). According to OIC Nasser, it requires financial institutions to identify and verify their customers to prevent money laundering and terrorist financing.
OIC Nasser outlined that the new additional customer due diligence measures mandate financial institutions in Liberia to perform specific actions, including:
- Conducting CDD when establishing a business relationship,
- Performing CDD when carrying out an occasional transaction above a threshold of US$5,000 or its Liberian dollars equivalent,
- Applying CDD measures when there is suspicion of money laundering or terrorist financing, and
- Implementing CDD when there are doubts about the veracity or adequacy of previously obtained customer identification data.
Other issues he intoned include:
- Identifying and verifying customers’ identities using reliable, independent source documents, data, or information,
- Identifying beneficial owners and taking reasonable measures to verify their identities,
- Understanding the ownership and control structure of customers regarding legal persons or arrangements, and
- Obtaining information on the purpose and intended nature of the business relationship.
The FIA OIC further emphasized that a key principle of Recommendation 10 requires that the intensity of CDD measures should match the level of risk. This includes Simplified Customer Due Diligence for lower-risk scenarios and Enhanced Customer Due Diligence for high-risk situations such as those involving Politically Exposed Persons or customers from high-risk countries.
Also speaking at the joint signing ceremony, CBL Executive Governor Henry F. Saamoi intoned that the joint directive represents a firm statement of the CBL and FIA’s shared commitment to combat financial crimes, protect Liberia’s financial sector, and safeguard the stability of the country’s economy.
Governor Saamoi noted that Liberia’s financial landscape has grown in size, complexity, and interconnectedness. He cautioned that with these advancements come heightened risks of money laundering, terrorist financing, proliferation financing, and other illicit financial flows that can undermine economic progress and threaten national security.
“In recent engagements with regional and international partners, it has become clear that strengthening our compliance posture is no longer optional,” Governor Saamoi asserted. “It is a strategic necessity—one that determines our competitiveness, our access to global financial markets, and the trust placed in our institutions.”
Governor Saamoi revealed that this directive introduces enhanced due diligence requirements specifically for NON-RESIDENTS AND NON-LIBERIANS, covering categories of customers and transactions identified as high risk.
He confirmed that this directive supplements existing CDD requirements and establishes obligations related to:
- Beneficial Ownership verification,
- Enhanced scrutiny of politically exposed persons,
- Risk-based monitoring of complex and cross-border transactions,
- Improved record keeping and reporting standards, and
- Strengthened collaboration between financial institutions and competent authorities.
In his concluding remarks, the CBL Executive Governor emphasized that the issuance of this Joint Directive signals three important principles:
- Unity of purpose between supervisory and intelligence authorities,
- Alignment with international AML/CFT standards, including FATF Recommendations, and
- Firm resolve to prevent the misuse of Liberia’s financial system by criminals and illicit actors.
The joint directive takes immediate effect, with financial institutions across Liberia expected to implement the new customer due diligence measures in the coming weeks as part of the country’s broader strategy to strengthen its financial system integrity and achieve compliance with international standards.