Summary
This document is a guide detailing the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Liberia, specifically focusing on identity verification requirements. It outlines the legal framework established by the Anti Money Laundering and Terrorist Financing Act of 2012, which includes customer due diligence measures, reporting obligations, and record-keeping practices. The guide emphasizes the importance of compliance with these regulations and suggests general measures for conducting identity verification procedures. It provides definitions of key terms and highlights the necessary attributes required for identifying individuals, such as full name, date and place of birth, and address. Additionally, the document discusses compliant customer due diligence methods and the types of documents acceptable for verification. It also addresses the timing of verification, the implications of dealing with politically exposed persons, and the responsibilities of clients in maintaining compliance, including record retention requirements.
