Regulatory Alerts2020-06-22
Bank of Ghana and Financial Intelligence Centre AML/CFT Penalties for Banks and Non-Bank Financial Institutions
The Bank of Ghana and Financial Intelligence Centre have issued an administrative penalties framework to enforce Anti-Money Laundering and Combating the Financing of Terrorism compliance among banks and Specialized Deposit-Taking Institutions. The directive mandates minimum monetary penalties ranging from 2,000 to 5,000 penalty units for specific contraventions, including failures in customer due diligence, transaction reporting, and internal risk assessments. In addition to monetary fines, regulators may impose non-monetary sanctions such as license suspension or revocation and public naming, with penalty severity determined by the breach's duration, intent, and systemic impact.
Share