Liberia

Section 2.7.1 requires transaction records to be kept for a minimum of 5 years from the date the transaction was executed, and s.2.7.2 requires customer records to be kept for 5 years from the date the customer relationship ends.

Section 3.1.1 requires identity verification (full name, date and place of birth, address, contact details) with reliable independent documents, and s.3.1.7 requires identification before an account is opened or a relationship starts. Section 3.9 requires customer and beneficial owner information to be updated at least every 2 years, with transaction monitoring against the customer's profile. Under s.3.12 no account may be opened or maintained if CDD cannot be completed.

Existing commercial banks must raise minimum capital from US$10 million in stages (US$11 million by 31 December 2026, US$12.5 million by 31 December 2027, US$15 million by 31 December 2028), and new licence applicants must hold the full US$15 million before licensing. Non-compliance can bring restrictions on business expansion, suspension of operations or licence revocation.

Providers must give borrowers key loan terms before commitment (s.6.40), full Truth-in-Lending disclosure above US$33 (s.6.60), acknowledge complaints within 2 business days and resolve them within 10 business days (ss.10.2-10.3). Digital loans are capped at US$400 (s.9.0).

Banks and non-bank financial institutions must seek CBL approval (s.6.0(a)); other entities apply to the Executive Governor and must use a separate subsidiary if e-payments are not their main business (s.7.0). Section 8.1.1 sets minimum paid-up capital of US$100,000, held in escrow during licensing, and s.8.0 sets a US$500 application fee, US$5,000 licence fee and US$3,000 annual levy due by 15 January. The regulations do not set a trust-account rule for customer funds (s.20.2 bars operators from holding consumers' funds).

Non-bank providers must apply to the CBL Governor and operate through a dedicated subsidiary with at least US$100,000 paid-in capital (ss.6, 9). Section 13 requires 100% of float to be held in liquid assets in trust accounts, not commingled with the provider's funds and with no more than 40% of a bank's net worth at one bank.

Section 49 restricts disclosure of customer information beyond name, address and listed number without written consent, unless required by law, and limits retention to billing purposes and LTA-permitted periods. Section 50 requires reasonable steps to keep communications confidential and section 51 requires security safeguards appropriate to the sensitivity of data held.