Regulatory Alerts2021-06-29
Treatment of Captured Payment Cards in Automated Teller Machines (ATMs) Directive
The Bank of Ghana issued this Directive to standardize the retrieval, release, transfer, and destruction of payment cards captured by Automated Teller Machines. It requires acquirers and issuers to implement verified complaint mechanisms, authenticate cardholders through valid identification documents, and adhere to strict operational timelines for retrieving cards within forty-eight hours and releasing or destroying unclaimed cards within two working days. Regulated financial institutions must maintain secure handling protocols and internal controls, with non-compliance triggering administrative penalties ranging from two thousand to ten thousand penalty units.
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