Suspends Bank Executive for one Month for Illegal Transaction


MONROVIA May20-Liberia Bank for Development –LBDI late Tuesday suspended its Vice president for Compliance and Investment, for  failing to follow financial regulation, a statement issued said.

Mr. Oday G. Vaye, was suspended by management for one month without pay for carrying out Suspicious Transaction Reporting Regulation (STRs).

Mr. Vaye’s suspension was based on a recommendation from the Financial Intelligence Unit-FIU for STRs. “You are hereby suspended form work for one month without pay effective May 1, 2020. Please note also that this suspension emanates from a recommendation from the Financial Intelligence Unit, it said.

 The statement was based on a recommendation from the Financial Intelligence Unit.  The bank was held in breach of the regulation for late and incomplete filing of Suspicious Transition Report (STR). According to the regulation, mandates all reporting entities to file STR within three days along with all of the particulars of the person or institutions the report is field filed about.

The STR also calls for fines and administrative actions which include removal of responsible staff or executives of financial institutions of breach.

The release said that the FIU is encouraging reporting entities to take their compliance obligation seriously as it will not hesitate to carry out the appropriate sanctions that are dissuasive for deterrence.

It further added that reporting entities should be reminded that in the wake of the COVID-19 pandemic, filing of STRs and CTRs are not prohibited and the FIU expects all reporting entities to file using the medium provided. TNR

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