The Bank of Ghana (BoG), in partnership with the Financial Intelligence Centre (FIC), has implemented new guidelines to strengthen the fight against money laundering, terrorism financing, and proliferation financing within the country’s financial sector.
Key Regulatory Changes
The new framework, developed under the Anti-Money Laundering Act, 2020 (Act 1044) and the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), now covers virtual assets and service providers, including cryptocurrency platforms. All licensed financial institutions are required to assess risks linked to digital-asset activities and report any suspicious transactions to the Financial Intelligence Centre (FIC) within 24 hours.
Governance and Compliance
Under the new rules, boards of financial institutions must approve and monitor their anti-money laundering policies. Compliance officers are to operate independently and submit quarterly reports to ensure full adherence. Institutions must also record and report large cash deposits, international transfers, and suspicious transactions to the Bank of Ghana (BoG) and Financial Intelligence Centre (FIC).
Sanctions and Enforcement
The Bank of Ghana (BoG) has introduced tougher penalties for non-compliance. Institutions and individuals that fail to meet the new standards will face administrative sanctions as provided under the Anti-Money Laundering Act and the Banks and Specialised Deposit-Taking Institutions Act. The directive also introduces enhanced due diligence requirements for high-risk sectors and cross-border financial operations.
Broader Scope and Impact
The directive applies to banks, forex bureaus, fintech firms, virtual asset providers, and non-financial businesses. These entities must update their internal systems to address risks associated with cybercrime, cross-border transactions, and emerging digital financial products.
Strengthening Global Standards
Launching the new framework, Bank of Ghana Governor Dr. Ernest Addison said the reforms mark “a new phase in Ghana’s financial integrity system”.
He stated, “We cannot afford to allow illicit financial flows or weak compliance systems to undermine our economy. These measures are meant to strengthen transparency, accountability, and public trust.”
Dr. Addison emphasised that the move aligns Ghana with international standards under the Financial Action Task Force (FATF). “We are determined to meet global expectations. Our aim is to build a financial system that is not only sound but also secure and responsible,” he said.
Focus on Collaboration
The Governor also called on financial institutions to take ownership of compliance efforts, noting that the success of the new measures depends on cooperation between the central bank, commercial banks, and law enforcement agencies.
“The fight against financial crime is not the duty of the regulator alone. Every institution must play its part. We must all ensure that our financial system is not used to fund terrorism or illegal activity,” he added.
The Road Ahead
The Bank of Ghana (BoG) and Financial Intelligence Centre (FIC) have pledged strict enforcement of the new measures through enhanced supervision, staff training, and stronger collaboration with stakeholders. The two institutions reaffirmed their commitment to maintaining transparency and safeguarding the integrity of Ghana’s financial system.
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