CBL Governor-Designate Flops At Senate

By Alex Yomah
The Central Bank of Liberia (CBL) new Executive Governor, Jolue Aloysius Tarlue appeared before Senate Committee on Banking and Currency for public hearing in the plenary session of the Liberian Senate yesterday.
Jolue Aloysius Tarlue faces a daunting task in stabilizing Liberia’s monetary policy, which is already in dire strait. The devaluation of the Liberian dollar is frustrating sellers and buyers alike amid lingering pessimism about the minting of new banknotes.
Mr. Tarlue’s response to questions regarding his experiences as well as his understanding of the banking sector was quite disappointing. His performance in plenary session was termed as poor by Senators and onlookers.
Maryland County Senator, Gble-Bo Brown impugned Tarlue’s experiences to effectuate the change that President George Weah had envisioned for the economy owing to his responses on relevant questions that needed to determine his understanding of the banking sector.
As part of Senator Brown’s inquiry, he observed flaw and fraud in Mr. Talue’s experiences sent to the Senate for critique for possible consideration.
Under his Experiences listed below, Tarlue indicated two of high ranked banking institutions that he worked for the same year but when asked to respond, Tarlue said it was an error. Tarlue again mentioned Liberia Electricity Cooperation as his current position occupied in this government before his preferment by the President, but also failed to indicate his position- when he was again asked why he did not mention his current position, but only expressed remorse –stating that his profile needs to be updated.
What was shocking was Tarlue’s failure to indicate his strategies he had in mind to improve the economy when confirmed-particularly, Montserrado County Senator, Darious Dillon sought his long and short term strategies but could not convince the Senators and even observers.
Tarlue, the American trained banker only plans divulging digitalization and Mobile Money financial banking recently introduced by LBDI President, John B.S Davis.
Due to Mr. Tarlue’s dismal performance, he was asked by the Senate whether or not he was vetted by the Executive before his nomination owing to President George Weah’s statement that he was going to set-up a team that would have vetted current CBL Governor designate, but in response, he said had no knowledge.
He was further asked, whether or not he was quizzed by any team and maintained that only call he receives was to send forward his academic credentials which eventually landed as Governor Designate.
Telling the Senate what he will do when confirmed by the Liberian Senate, the American trained banker said he will introduce what he calls control system that will resuscitate the fading economy.
He said one of the reasons leading to banks to perform poorly is because it lacks internal monetary control. He said he is the rightful person nominated for what the Liberian people had long yearned for.
Speaking of his vision, Tarlue said, he envisages an independent Central Bank and promised transparency and accountability that would rekindle customer’s hope to keep their savings in the banking sector adding, “We will work to maintain the price and currency.”
Below are Tarlue’s academic credentials and experiences:
Tarlue holds a Masters in Public Administration from Kean University Masters and has worked 17 years in quality compliance experience, enforcing standards in a range of global financial institutions.
Tarlue worked for J.P. Morgan Chase, from March 2013 up to 2018 as Compliance Officer – Quality Control. There, he provided subject matter expertise on AML/KYC and Sanction requirements to front office, lines of business and operations, and possess in-depth knowledge of BSA/AML Regulations, PATRIOT ACT and OFAC; well versed in AML and Terrorist Financing emerging trends.
He utilized research and investigative databases and software applications to conduct enhanced due diligence, and conduct firm-wide risk assessments of customers, products, geographies, and distribution channels and the effectiveness of compensating controls.
The CBL nominee is credited for drafting and updating AML compliance and written supervisory policies and procedures, and assisted in developing a comprehensive cross-business view of AML risk. He reviewed and approved exceptions, and kept abreast of regulatory developments and enforcement actions to assess potential impact to JPMC.
Tarlue identified and helped resolved compliance and control issues, performed targeted reviews to validate controls and ensured they were in place and appropriate.
He is also well verse and possesses political, social and economic knowledge of countries that are major players in the global economy and has spent several years analyzing client risk due to Major Sanctioned Countries.
As part of his task, he advised, reviewed and analyzed risk assessments on domestic and international Corporate Investment Banking of business and product lines and assessed money laundering/terrorist financing risks and recommended and controls.
At BNY Mellon NA, where he worked from 2008-2013, the Liberian native was responsible to approval or disapproval on-boarding of all new and retention of existing high-risk rated customers as Mellons Quality Assurance Officer. Tarlue also managed customer on-boarding, account closures, detecting and escalating suspicious activity and any other AML or OFAC risks of significant complexity. From 2007-2008, he was a Senior Risk Office at Deutsche Bank NA. He worked on client Adoption Management-Trust Securities Services for two years, before moving on to BNY Mellon NA. He supported management in ensuring that the Lines of Business operations were in accordance with all legal and regulatory requirements and all DB standards relating to anti money laundering and sanctions, so as to protect and enhance the reputation of the Bank with its regulators and avoid significant financial loss or reputational damage. Prior to working for Deutsche Bank NA, Tarlue worked for Merrill Lynch as the Banks Compliance Analyst for a year. There he assisted in assessing and mitigating the risks associated with suspicious activity identification and reporting and Office of Foreign Assets Control Compliance to ensure compliance with Federal and State laws and regulations and to minimize penalties and reputational losses.
He applied internal policies and control procedures with a knowledge and understanding of guidance, laws and regulations.
Tarlue started off with HSBC Bank NA, serving as compliance officer with compliance policy & procedure team. In this role, Tarlue conducted reviews on all new and existing clients, ensured that profiles were in accordance with regulations and HSBC policies and procedures; provided testing and feedback to senior management regarding training and system design, from a Quality Assurance perspective.
He conducted quality assurance reviews on New Business KYC profiles, across multiple business lines, ensuring AML Regulations and HSBC policies and procedures are maintained.
In late 2018, President Weah appointed Tarlue as Chairman of the Liberia Electricity Regulatory Commission (LERC). Tarlue oversaw the standing up of the electricity regulator, mobilizing a pool of technicians recruited through a stringent competitive process.
At LERC, Tarlue worked with staff in identifying power providers in the country through the conduct of an Operators Census.
In November this year, he led a stakeholder validation session of the draft regulations of the LERC: the Administrative Procedure Regulations, Electricity Licensing Regulations, Licensing Handbook and Micro Utility Licensing Regulations.
The LERC, the first of its kind in Liberia will set and enforce standards for power supply and grant licenses to suppliers.