Title: Liberia’s Financial Sector Takes a Leap Forward with Uniform Know Your Customer (KYC) Regulations
The Need for Uniform KYC Procedures in Liberia
The Financial Intelligence Unit (FIU) of Liberia, under the leadership of Director General Edwin W. Harris, has endorsed the implementation of a uniform Know Your Customer (KYC) procedure for banks and financial institutions in the country.
Benefits of Uniform KYC Procedures
- Harris emphasized that a uniform KYC procedure, which includes thorough background checks and verification of source of funding for potential clients, could lead to significant benefits for Liberia.
- Increased donor support
- Sustainable investments
- Economy revitalization
FIU’s Call for Cooperation
- With Liberia’s economic history at stake, Harris called for the full endorsement and cooperation of all actors in the private and public sectors.
- Harris encouraged employers in all sectors to support their compliance officers.
Establishment of the Compliance Officers Forum of Liberia (COF)
Significance of COF
- George Mensah-Asante, President of the Bankers Association of Liberia, noted the significance of the establishment of the COF as the first of its kind in the country.
- Centralization of KYC processes
- Curbing financial crimes
FIU’s Role
- Mensah-Asante acknowledged the FIU’s efforts in enhancing the compliance regime in the Liberian economy and protecting the country’s financial system from financial crimes.
COF’s Role and New Leadership
Importance of COF Members
- Kojo G. Weeks, Interim President of the COF, emphasized the importance of his fellow members as strategic gatekeepers.
- Preventing and minimizing financial offenses
- Uniform implementation of KYC procedures
- Protecting the financial system
- Socio-economic growth
New Leadership of COF
- Officers elected to lead the COF include:
- Kojo G. Weeks as President
- Augustine Josiah as Vice President
- Comfort Seville as Secretary General
- Pierre as Financial Secretary
- Onike Bedell as Treasurer.