Monrovia’s 50/50 Casino operator has been hit with a L$6,000,000 (US$30,000) fine by the Financial Intelligence Agency of Liberia (FIA) for lacking sufficient AML and CFT controls.
In a letter directed to 50/50 CEO Elisa Greaves, the agency cited multiple breaches, including failing to undertake customer due diligence and a lack of compliance oversight when onboarding customers.
The letter, signed by FIA boss Hon. Mohammed Ali Nasser, was dated 8 August and published on the agency’s website this week. Nasser said the FIA’s investigation was part of a broader AML/CFT inspection across Liberia’s gaming sector conducted in October last year.
Citing the major breaches identified during the FIA’s risk-based investigation, it said 50/50 Casino had failed to undertake enhanced customer due diligence measures required by section 15.3.2 of the AML/CFT Act 2021.
Additionally, it deemed the operator’s AML/CFT policy and procedures were not risk-based. There was also a lack of compliance oversight in the customer onboarding process. Possible unusual or suspicious transactions were detected in the operator’s system.
50/50 AML remediation plan expected by September
Following the ruling, 50/50 Casino has been ordered to pay a monetary fine for failing to meet the requirements of the AML/CFT Act of 2021.
iGB reached out to the charged operator, but had not heard back at the time of publishing.
In addition to the fine, 50/50 Casino has been mandated by the FIA to submit a detailed remediation plan by 1 September laying out systematic improvements. It must also provide the FIA with its planned steps to address these deficiencies by 1 November. The agency warned it would take further supervisory action if compliance is not achieved.
The operator’s AML/CFT policy and procedures were deemed to be not risk-based. It also had lack of compliance oversight in the customer onboarding process.