The Director General of the Financial Intelligence Unit (FIU) of Liberia, Edwin Harris, has pledged his full endorsement to the globally acknowledged observe for banks and different establishments working in Liberia to professionally implement a uniform ‘Know Your Customer’ (KYC) process, void of compromise, to assist strengthen Liberia’s monetary system from waste and abuse.
Harris, who spoke on the official induction ceremony of interim management of the Compliance Officers Forum of Liberia (COF) on July 14, elaborated {that a} single acknowledged monetary or banking process for the incorporation of shoppers has the propensity to place Liberia on par with different nations within the West African area and the world at massive which are upholding compliance and defending their respective nations’ monetary methods.
According to him, with a sturdy {and professional} implementation of this proposed banking process that helps background checks and sources of funding for would-be potential shoppers are correctly verified, Liberia stands to learn from big donor assist and sustainable investments that would revamp the nation’s tense financial system that wants extra exterior and inner assist.
He talked about that Liberia’s financial historical past will be modified if all actors from the personal and public sectors are supportive and cling to the proposed uniform KYC process, which different nations’ monetary entities are fearlessly executing and benefiting from. The FIU Director General mentioned the KYC process wants nationwide endorsement and calls on all actors within the banking, monetary, digital banking, cell cash, and different sectors to take nationwide possession for the advantage of the Liberian society and her individuals.
Harris, who can be the present president of the FIU Forum of West Africa or the ECOWAS area, additionally cautioned banks, telecommunication service suppliers, insurance coverage suppliers, and cash change operators, amongst others, to make sure that their compliance officers purchase steady coaching to reinforce their abilities within the discharge of their duties.
He mentioned the creation of data dissemination of the Compliance Officers Forum of Liberia concerning current modifications to FATF requirements and different laws on AML/CFT are very important points that must be prioritized by the brand new interim management of COF-Liberia.
Also talking, George Mensah-Asante, CEO of Ecobank Liberia and president of the Bankers Association of Liberia, acknowledged that the institution of the compliance discussion board is the primary of its variety in Liberia and its group is a crucial milestone within the promotion of compliance tradition in Liberia.
“We will want to see Know Your Customer (KYC) processes being centralized and a customer who is rejected by an institution for irregularity or fraudulent practices through legal means also being given the same treatment as that of other institutions similarly situated and not to be accommodated to curb the proliferation of these grave offenses,” he mentioned.
According to him, the discussion board institution might present competitiveness and worth addition for the perform of compliance in all sectors in Liberia. He expressed optimism that the discussion board might function a platform for the sharing of concepts, experiences, and greatest practices amongst compliance professionals in all sectors of the Liberian financial system.
He mentioned the difficulty of Anti-Money laundering and the financing of terrorism and proliferation are key themes which have been mentioned through the years, and gamers within the monetary area have been challenged to place measures in place to mitigate these excessive ranges of corrupt practices and monetary offenses.
“As we all prepare for the upcoming mutual evaluation, we want to commend the FIU for the launch of the National Strategy and Action Plan which provides the roadmap leading to the mutual evaluation in September 2022, but also want us all to work hard to get a good rating when the assessors come to review our institutions,” the Ecobank Liberia CEO famous.
For his half, Kojo G. Weeks, Interim President of the Compliance Officers Forum of Liberia, mentioned his skilled colleagues who’re members of the discussion board function strategic gatekeepers concerning the prevention, minimization, and assist of strict adherence to the a lot talked about ‘Know Your Customer’ process, which distinguished monetary actors have strongly beneficial for enforcement in Liberia.
According to him, KYC has the flexibility when absolutely applied in all banks, cell cash operators, and different sectors to guard and forestall corrupt monetary practices.
He desires heads of all banks, monetary service suppliers, and insurance coverage operators amongst different sectors to see compliance as a nationwide obligation that’s in one of the best curiosity of the Liberian society and her individuals. Those elected to steer the affairs of the discussion board are Kojo G. Weeks, president; Augustine Josiah, vice chairman; Comfort Seville, Secretary General; Pierre, Financial Secretary; and Onike Bedell, Treasurer.