Liberia Introduces Mandatory AML Compliance for Gaming Operators
Liberia’s gaming sector faces comprehensive regulatory reforms as the National Lottery Authority and Financial Intelligence Agency implement mandatory anti-money laundering and counter-terrorism financing compliance measures for all operators. The new framework requires gaming companies to establish formal boards of directors, appoint independent compliance managers, and disclose beneficial ownership information to prevent financial anonymity.
Corporate Governance Requirements Take Effect
All gaming operators in Liberia must now establish formal boards of directors who will appoint compliance managers with full operational independence. The Financial Intelligence Agency’s Officer-in-Charge Mohammed Ali Nasser confirmed that boards will maintain oversight responsibility for compliance activities while ensuring managers can perform their duties without interference.
Gaming entities must identify and report their ultimate beneficial owners to prevent anonymity in financial transactions. The regulatory framework includes proper documentation of market entry and licensing controls by the National Lottery Authority, with rigorous fitness and propriety assessments determining operator suitability before license approval.
Transaction Monitoring and Risk Assessment Framework
The Financial Intelligence Agency will require gaming operators to report transactions exceeding specified monetary thresholds for enhanced scrutiny of large cash movements. Risk-based inspections conducted between September and December 2024 identified operational gaps in licensed gaming institutions’ compliance systems.
“Transactions exceeding designated monetary thresholds must be reported to the FIA to ensure greater scrutiny of large cash movements,” Nasser stated regarding the new reporting requirements. The regulatory reforms respond to Liberia’s 2023-Second Round Mutual Evaluation Report, which identified significant compliance deficiencies in the gaming sector and other designated non-financial businesses.
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