Forex Bureaux to be More Stringent with Politically Exposed Persons——–Bureaux are now required to conduct stringent identity verification checks, especially for high-value transactions and politically exposed persons (PEPs). This measure is part of the Bank of Ghana‘s (BoG) effort to minimize the risks of money laundering, terrorist financing, and proliferation financing (ML/TF&PF), ensuring the resilience of Ghana‘s financial sector against illicit financial flows.
The BoG’s guidelines outline various compliance measures that forex bureaux must adopt, including the appointment of an Anti-Money Laundering Reporting Officer (AMLRO). Each bureau must designate a compliance officer responsible for overseeing anti-money laundering (AML) protocols and liaising with regulators.
The enhanced Customer Due Diligence (CDD) measures require bureaux to verify customer identities rigorously, particularly when handling large transactions or dealings with PEPs. Bureaux must also adopt a risk-based approach to money laundering prevention, implementing tailored strategies to assess and mitigate ML/TF&PF risks based on transaction profiles and customer behavior.
Forex bureaux are mandated to report all suspicious transactions to both the Bank of Ghana and the Financial Intelligence Centre (FIC). Additionally, they must maintain comprehensive transaction records and cooperate fully with financial regulators to ensure transparency and compliance.
The central bank has emphasized that forex bureaux, given their role in facilitating cross-border transactions, are prime targets for illicit financial activities. Without robust AML controls, these entities face significant financial and reputational risks.
By diligently adhering to the BoG’s new AML measures, forex bureaux can protect themselves from being used for money laundering, terrorism financing, and organized crime. Non-compliance could result in hefty penalties, loss of operating licenses, and reputational harm, affecting customer trust and confidence.
Ghana’s financial regulators have been aligning policies with international AML/CFT (Combating the Financing of Terrorism) standards, particularly those of the Financial Action Task Force (FATF). The introduction of these guidelines signals Ghana’s commitment to maintaining a strong and transparent financial system that meets global compliance expectations.
As part of broader financial sector reforms, the BoG expects forex bureaux to foster a culture of compliance and enhance internal controls to prevent illicit financial activities. With stricter enforcement of AML laws, industry players must prioritize regulatory adherence to avoid disruptions in their operations.
In an era where financial crime is becoming increasingly sophisticated, forex bureaux must stay ahead of evolving regulations to safeguard the stability of Ghana’s financial system. The effectiveness of these measures in strengthening the integrity of the foreign exchange market will be closely monitored in the coming months.
