Regulatory Alerts2020-06-22
Bank of Ghana and Financial Intelligence Centre AML/CFT&P Guideline for Banks and Non-Bank Financial Institutions in Ghana
The Bank of Ghana and Financial Intelligence Centre have issued a comprehensive guideline mandating licensed banks and non-bank financial institutions to implement robust anti-money laundering, combating the financing of terrorism, and proliferation prevention (AML/CFT&P) compliance programs. The directive requires accountable institutions to adopt a risk-based approach, conduct thorough customer due diligence and Know Your Customer procedures, monitor suspicious transactions, maintain accurate records, and establish dedicated reporting officers. By enforcing these standardized operational frameworks, the regulators aim to mitigate financial and reputational risks, ensure strict adherence to Ghana’s Anti-Money Laundering Act 2008 and related statutes, and foster a pervasive culture of regulatory compliance across the financial sector.