Monrovia — The Director General of the Financial Intelligence Unit (FIU) of Liberia, Edwin W. Harris, has pledged his full endorsement to the globally recognized practice for banks and other institutions operating in Liberia to professionally implement a uniform "Know Your Customer (KYC) Procedure" void of compromise to help strengthen Liberia's financial system from waste and abuse.
Speaking at the official induction ceremony of the interim leadership of the Compliance Officers Forum of Liberia (COF) on Thursday, Mr. Harris said a single recognized financial or banking procedure for the incorporation of customers has the propensity to put Liberia on par with other countries in the West African region and the World at large that are upholding compliance and protecting their respective countries' financial system.
According to FIU Boss, if robust and professional implementation of this proposed banking procedure that supports background checks and source of funding for would-be potential clients are properly verified, Liberia stands to benefit from huge donor support and sustainable investments that could revamp the country's stressful economy that needs more external and internal support.
He mentioned that Liberia's economic history can be changed if all actors from the private and public sectors are supportive and adhered to the proposed uniform 'Know Your Customer procedure' that other countries' financial entities are fearlessly executing and benefiting from.
The FIU Director General said this KYC proposal needs national endorsement and calls on all actors in the banking, financial, digital banking, mobile money, and other sectors to take national ownership for the benefit of the Liberian society and her people.
Mr. Harris, who is also the current president of the FIU Forum of West Africa or the ECOWAS region also cautioned banks, telecommunication providers, insurance providers, and money exchangers, among others to ensure that their compliance officers should acquire continuous training to enhance their skills in the discharge of their duties.
According to him, employers in all sectors in Liberia need to also support their compliance officers to compete with their colleagues in West Africa and beyond by opting to sit or write professional exams to add more integrity, professionalism, prestige, and accountability to their compliance career.
"Educating the forum's members about the present and emerging money laundering and other illicit financial practices are very essential and timely," Mr. Harris said.
He said the creation of information dissemination of the Compliance Officers Forum of Liberia regarding recent changes to Financial Aaction Taskforce (FATF) standards and other regulations on Anti Money Laundering/Counter Financing of Terrorizing (AML/CFT) are critical issues that need to be prioritized by the new interim leadership of COF-Liberia.
Also speaking at the induction ceremony, Mr. George Mensah-Asante, president of the Bankers Association of Liberia intoned that the establishment of the compliance forum is the first of its kind in Liberia and its organization is an important milestone in the promotion of compliance culture in Liberia.
"We will want to see KYC processes being centralized and a customer who is rejected by an institution for irregularity or fraudulent practices through legal means also being given the same treatment as that of other institutions similarly situated and not to be accommodated to curb the proliferation of these grave offenses," he proposed.
According to him, the forum establishment could provide competitiveness and value addition for the function of compliance in all sectors in Liberia.
" I would like to recount the many strides the FIU has been making in strengthening the compliance regime in the Liberian economy and protecting the country's financial system from abuse of financial crimes, fight against transactional money laundering, and also protecting the integrity of the Liberian economy," he noted.
He expressed optimism that the forum could serve as a platform for the sharing of ideas, experiences and best practices among compliance professionals in all sectors of the Liberian economy.
"Ensure that everyone will be compliant with regulations and update each other with emerging trends so that they can be more robust in the discharge of their various functions and responsibilities.
The Liberian Banker Association president asserted that the issue of Anti-Money laundering and the financing of terrorism and proliferation are key themes that have been discussed over the years, and players in the financial space have been challenged to put measures in place to mitigate these high levels corrupt practices and financial offenses.
"As we all prepare for the upcoming mutual evaluation, we want to commend the FIU for the launch of the National Strategy and Action Plan which provides the roadmap leading to the mutual evaluation in September 2022, but also want us all to work hard to get a good rating when the assessors come to review our institutions," the Eco Bank-Liberia CEO noted.
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For his part, Mr. Kojo G. Weeks, Interim President of the Compliance Officers Forum of Liberia said his professional colleagues who are members of the forum serve as strategic gatekeepers regarding the prevention, minimization and supporting straight adherence to the much talked about KYC procedure, which has been strongly recommended by major financial actors for enforcement in Liberia.
According to him, KYC has the ability to protect and prevent corruptible financial practices.
He wants heads of all banks, financial service providers, and insurance operators among other sectors to see compliance as a national obligation that is in the best interest of the Liberian society and her people.
"Let me hail the FIU for providing huge support to this launching program today and making the forum active after six years of dormancy," he noted.
Meanwhile, those elected to steer the affairs of the forum are Kojo G. Weeks- president, a staff of International Bank (IB), Augustine Josiah-Vice president, Comfort Seville- Secretary General, Pierre- Financial Secretary, and Onike Bedell Treasurer.
