Regulatory Alerts2023-03-14
Bank of Ghana and Financial Intelligence Centre AML/CFT&P Administrative Sanctions and Penalties for Accountable Institutions in Ghana
The Bank of Ghana and Financial Intelligence Centre have issued a revised administrative sanctions framework to enforce Anti-Money Laundering, Combating the Financing of Terrorism, and Proliferation Financing compliance among accountable institutions and their employees. The document establishes tiered penalty ranges of 500 to 20,000 units for individuals and 1,000 to 100,000 units for entities across thirty specific offenses, including failures in risk assessment, customer due diligence, reporting obligations, and technology governance. It further empowers regulators to impose non-monetary sanctions such as written warnings, license suspensions or revocations, and public naming for persistent breaches, with the framework taking effect on September 1, 2022.