Financial Crime World

BOG Slaps Fines on Financial Institutions for AML/CFT Failures

Accra, Ghana - Bank of Ghana (BOG) Takes Action Against Non-Compliant Financial Institutions

The Bank of Ghana (BOG) has imposed heavy fines on several financial institutions in the country for failing to comply with Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regulations. The move is aimed at promoting compliance with AML/CFT regulations and preventing the misuse of financial systems by criminal elements.

Fined Institutions and Penalties

The following institutions were found guilty of various AML/CFT breaches, including:

  • Failure to conduct ongoing third-party identification and verification
  • Failure to maintain a current list of agents
  • Failure to assess the AML/CFT controls of their agents and correspondents

The fined institutions include:

  • [List of institutions]
    • [Name of institution]: GH¢5,000 for failure to conduct ongoing third-party identification and verification
    • [Name of institution]: GH¢20,000 for failing to maintain a current list of agents
    • [Name of institution]: GH¢10,000 for failure to assess the AML/CFT controls of their agents and correspondents
    • [Name of institution]: GH¢50,000 for failure to file Suspicious Transaction Reports (STRs) or Suspicious Activities Reports (SARs)
    • [Name of institution]: GH¢100,000 for proceeding with transactions related to money laundering or terrorist financing activities

Compliance Requirements

The BOG has warned institutions that failure to comply with AML/CFT requirements could result in more severe penalties, including revocation of licenses. The regulator has called on all financial institutions to ensure that they comply with AML/CFT regulations and avoid any breaches that could result in fines or penalties.

Relevant Regulations

The fines imposed by the BOG are in accordance with sections 30-36 of Act 1044 and Regulations 32-41 of L.I. 1987.

Conclusion

The Bank of Ghana’s move to impose heavy fines on financial institutions for AML/CFT failures serves as a reminder of the importance of compliance with anti-money laundering and combating financing of terrorism regulations. The BOG is committed to promoting a safe and secure financial system, and financial institutions must ensure that they comply with relevant regulations to avoid penalties and maintain public trust.