Regulatory Alerts2025-02-28
AML Guidelines for Foreign Exchange Bureaux 2024
Issued jointly by the Bank of Ghana and the Financial Intelligence Centre, these 2024 guidelines mandate Foreign Exchange Bureaux to implement risk-based Anti-Money Laundering, Combating the Financing of Terrorism and Proliferation (AML/CFT&P) compliance programmes. The regulations require bureaux to appoint an Anti-Money Laundering Reporting Officer, conduct rigorous Customer Due Diligence using verified identification documents, and screen customers against domestic and international sanctions lists. Furthermore, the guidelines establish mandatory reporting thresholds for suspicious and cash transactions, enforce a five-year record-keeping period, and prescribe administrative penalties for non-compliance to mitigate financial crime risks.