Regulatory Alerts2021-03-01
Unclaimed Balances and Dormant Accounts Directive
The Bank of Ghana issued this Directive to establish standardized processes for classifying, managing, and protecting unclaimed balances in dormant accounts held by regulated financial institutions. Regulated institutions must maintain a dedicated dormant account register, notify customers at least three months prior to dormancy, publish inactive accounts in national newspapers and on websites after three years, and transfer the corresponding balances to the central bank. Account holders or legal representatives may reclaim transferred funds through a validated claim process, while institutions face administrative penalties of up to ten thousand penalty units for non-compliance.
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