MONROVIA – The Financial Intelligence Agency of Liberia (FIA) has imposed a monetary fine of six million Liberian Dollars (L$6,000,000) on the 50/50 Casino Inc. for its non-compliance with the Anti- Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws of Liberia. This administrative sanction is triggered by outcomes of the recent FIA Risk-based AML/CFT Inspection Report, which adjudges the 50/50 Casino of being non-compliant to the AML/CFT Laws of Liberia and predicated upon the Casino’s significant lack of AML/CFT controls – consequently exposing the country to a money Laundering and terrorist financing risk.
Recently, the FIA conducted an AML/CFT Risk-based Compliance Inspection of the gaming sector in Liberia, from October 9 -15, 2024. The primary objectives of the risk-based inspection included assessment of the adequacies of Compliance Programs implemented by gaming entities in Liberia – to inspect policies, procedures, and controls of these entities, consistent with their AML/CFT Obligations; as well as the evaluation of the level of risk inherent in their respective operations, as provided for in the AML/CFT Act of 2021.
Findings from the inspection indicate that the 50/50 Casino is in gross violation of Liberia’s AML/CFT Laws, particularly sections 15.3.2 – which relates to the Casino’s failure to undertake Customer Due Diligence – as well as its lack of AML/CFT risk-based policy, procedures, and control program. The Findings also identify deficiencies in the Casino’s customers’ onboarding process, which is ineffective and lacks compliance oversight. Additionally, the Casino was found to be ineffective in its monitoring system to detect possible unusual or suspicious transactions.
In furtherance to the violations, the FIA instructs the Management of the 50/50 Casino Inc, to take the appropriate corrective measures as follows:
1) develop an Action Plan with well-defined timelines as part of remediation measures and submit the same to the FIA before or by Monday, September 1, 2025.
2) ensure that all deficiencies identified in the FIA AML/CFT Risk-based Compliance Report are addressed, and that mitigation measures are adopted to curb the risk of Money Laundering, Terrorist and Proliferation financing, no later than Wednesday, November 1, 2025.
The FIA shall take appropriate supervisory actions, where necessary, to ensure that the 50/50 Casino Inc. is entirely in Compliance with its AML/CFT Obligations.
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