Financial Crime World

Here is the article converted into markdown format with proper headings, subheadings, and bullet points:

Bank of Ghana’s Anti-Money Laundering (AML) Guideline

The Bank of Ghana has outlined a set of guidelines for accountable institutions to prevent money laundering and terrorist financing. The guideline aims to ensure that all financial institutions comply with AML/CFT obligations under relevant laws and regulations.

Key Requirements of the Guideline

Institutional Policy Framework

  • Every financial institution must adopt policies indicating its commitment to complying with AML/CFT obligations.
  • These policies should be approved by the Board and communicated to all employees.

Risk Assessment and Risk-Based Approach

  • Accountable institutions must assess their ML/TF risks, document risk assessments, and provide periodic risk assessment information to the Bank of Ghana and Financial Intelligence Centre.
  • This will help identify areas where additional controls are needed to mitigate money laundering and terrorist financing risks.

Appointment of Anti-Money Laundering Reporting Officer (AMLRO)

  • Each financial institution must appoint an AMLRO who will operationally report to the Board and be responsible for:
    • Developing an AML/CFT compliance program
    • Receiving and vetting suspicious transaction reports
    • Filing reports with the FIC
    • Ensuring compliance with AML/CFT regulations
    • Coordinating staff training
    • Serving as a liaison officer between the financial institution and competent authorities

Cooperation with Competent Authorities

  • Financial institutions must declare their commitment to complying promptly with all requests made pursuant to the law and regulations.
  • They must provide information to the BOG, FIC, and other relevant competent authorities as required.

Scope of Unlawful Activities

  • Financial institutions must identify and report proceeds from crime derived from unlawful activities, including:
    • Terrorism
    • Trafficking in human beings
    • Migrant smuggling
    • Sexual exploitation
    • Illicit trafficking in narcotic drugs
    • Psychotropic substances
    • Illicit arms trafficking
    • Others

Importance of Cooperation

The guideline emphasizes the importance of cooperation between financial institutions and competent authorities to combat money laundering and terrorist financing. By working together, we can prevent these illicit activities and protect our financial systems.