The Financial Intelligence Agency of Liberia (FIA) has levied a significant penalty of fifteen million Liberian dollars (L$15,000,000.00) on Orange Money Liberia (OML) due to non-compliance with essential anti-money laundering and counter-terrorist financing regulations set forth by the nation’s AML/CFT Act from 2021.
The fine comes after the FIA carried out a comprehensive, risk-focused AML/CFT compliance examination of OML’s activities between September 2 and 13, 2024. The agency stated that this review evaluated the effectiveness of Orange Money Liberia’s anti-money laundering/counter-terrorist financing strategies, procedures, and internal control mechanisms to guarantee adherence to applicable laws and regulations.
According to the FIA report, “The objective of the examination was to determine the degree to which OML complies with the AML/CFT Act of 2021 and related rules.” This assessment encompassed evaluating OML’s conformity to Mobile Money Regulations No. CBL/RSD/003/2014, the Corporate Governance Regulations for Financial Institutions No. CBL/RSD/001/2012, as well as the Risk Management Guidelines established by the Central Bank of Liberia.
The discoveries, nonetheless, revealed several significant breaches.
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A major violation noted involved inadequate monitoring by the Board concerning the threats posed by money laundering, terrorism funding, and the spread of weapons of mass destruction. As per the FIA report, “The Board did not provide sufficient supervision nor perform regular assessments of compliance effectiveness to address deficiencies when required.”
Another major concern raised was the potential breach of confidentiality in the reporting of suspicious transaction reports (STRs). The report indicates that the third-party involvement of CELLCOM–operating in another jurisdiction–contravened Section 15.3.22 (2.b) of the AML/CFT Act.
Moreover, the FIA pointed out that Orange Money Liberia did not meet the obligation of permitting at least 20% of its equity to be owned by private Liberian investors or Liberian-controlled entities. This contravenes Clause 5, Article 6 of Mobile Money Regulation Number CBL/RSD/003/2014.
Additional discoveries indicated that OML’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Policies and Procedures Manual, which was most recently revised in 2024, did not conform to the new requirements set forth in the 2021 AML/CFT Act or align with Regulations No. CBL/RSD/002/2017 and Corporate Governance Regulation No. CBL/SD/001/2012. Furthermore, the Financial Intelligence Authority (FIA) noted deficiencies related to the absence of a suitable risk assessment framework designed to categorize high-risk customers including politically exposed individuals (PEPs), gambling establishments, and industries involving substantial cash transactions such as retail stores and currency exchange offices.
Moreover, the Agency noted that both full agents and merchants functioning under OML could handle transactions with “unrestricted limits” without an effective system for monitoring, detecting, and reporting unusual activities. Consequently, this led to what the FIA referred to as “very few submissions of Suspicious Transaction Reports (STRs).”
Considering these breaches, the FIA stated, “Due to the critical nature of the deficiencies within the AML/CFT Control Framework and the issues highlighted in the Risk-Based Compliance Inspection Report, the FIA has decided to impose a financial penalty of fifteen million Liberian dollars on Orange Money Liberia.”
The FIA has instructed OML to implement corrective measures right away. By Monday, June 23, 2025, Orange Money Liberia’s governing body needs to create an action plan featuring specific deadlines and present it to the FIA. This plan should receive approval from OML’s leadership team and obtain certification from the FIA.
Additionally, the firm has up to September 1, 2025, to put into place all necessary steps required to rectify the issues highlighted in the inspection document. It is imperative that these actions significantly reduce the threats linked to money laundering, funding for terrorists, and the spread of weapons of mass destruction.
The Agency has instructed that the L$15 million penalty should be placed into the Government of Liberia’s escrow account by June 9, 2025—ten business days following this declaration.
Nevertheless, the FIA has stated that it will keep enforcing necessary oversight measures to guarantee Orange Money Liberia adheres completely to all anti-money laundering and counter-terrorist financing requirements.
As of the latest update, representatives from the Orange Money Liberia Brand and Communications Department have not been available for commentary.
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