Liberia Fines 50/50 Casino L$6 Million for AML Violations

Inspection Uncovers Multiple Compliance Gaps

The FIA inspection from October 9-15, 2024, identified deficiencies in customer due diligence procedures and transaction monitoring systems. The casino lacked a comprehensive risk-based compliance program and maintained ineffective customer onboarding processes. Mohammed Ali Nasser, FIA officer-in-charge, stated that “given significant inadequacies in AML/CFT controls, risk exposure to money laundering and terrorist financing, and 50/50 Casino Inc.’s non-compliance with AML/CFT laws of Liberia, the FIA hereby imposes a monetary fine of L$6,000,000 on 50/50 Casino Inc.”

The violations contravened Section 15.3.2 of Liberia’s 2021 AML/CFT Act, which requires casinos to verify customer identities and maintain financial crime prevention measures. The inspection formed part of broader industry compliance reviews assessing gaming operators’ adherence to national anti-money laundering requirements.

November Deadline Set for Full Compliance

50/50 Casino must resolve all identified issues by November 1, 2025, according to the FIA directive. The agency’s enforcement action demonstrates increased regulatory scrutiny within Liberia’s gaming sector. The penalty reflects growing emphasis on protecting the country’s financial system from illicit activities through stronger oversight.

The inspection represents part of systematic compliance reviews targeting gaming industry operators across Liberia. Regulatory authorities continue monitoring operator processes and controls to ensure adherence to national AML/CFT standards. The enforcement action signals the FIA’s commitment to maintaining regulatory standards within the expanding gaming sector.