Supports Quality Training For Compliance Officers In Liberia
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 procedure, void of compromise to help strengthen Liberia’s financial system from waste and abuse.
Speaking at the official induction ceremony of interim leadership of the Compliance Officers Forum of Liberia (COF) on Thursday, July 14, 2022, Mr. Harris elaborated that 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 him, a 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 economical 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 other countries’ financial entities are fearlessly executing and benefiting from.
The FIU Director General 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 operators, 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.
Mr. Harris: “Educating the forum’s members about the present and emerging money laundering and other illicit financial practices are very essential and timely.”