Financial Crime World

Bank of Ghana Conducts Risk Assessment on Artificial Intelligence Systems

The Bank of Ghana has completed a comprehensive risk assessment on the country’s artificial intelligence (AI) systems, ensuring compliance with anti-money laundering (AML), combating the financing of terrorism (CFT), and proliferation financing (PF) regulations.

Background

The exercise was conducted in accordance with Section 52(5)(f) of Act 1044, aiming to evaluate AI systems’ capabilities to prevent money laundering and terrorist financing activities. The assessment covered various aspects, including:

  • Identifying risks associated with customers
  • Assessing and managing country-specific risks
  • Evaluating product, service, transaction, and delivery channel-related risks

Key Findings and Recommendations

The risk assessment found that while AI systems have the potential to significantly improve financial services, they also pose significant risks if not properly managed. The report highlighted several key areas for improvement:

  • Need for more robust customer due diligence procedures
  • Enhanced monitoring of transactions

In response, the Bank of Ghana has issued guidelines and directives to ensure compliance with AML/CFT/ PF regulations. The institution has also requested production of records, documents, or other information relevant to the supervision and monitoring of AI systems.

Call for Cooperation

The Bank of Ghana emphasized the importance of cooperation between regulatory bodies, financial institutions, and other stakeholders in combating money laundering and terrorist financing. The institution has requested the production of records, documents, or other information relevant to the supervision and monitoring of AI systems and has committed to providing feedback on compliance with AML/CFT/ PF obligations.

“We urge all stakeholders to cooperate fully with our efforts to prevent financial crimes,” said a senior official at the Bank of Ghana. “Our goal is to create a robust and effective AML/CFT/PF regime that protects the integrity of our financial system.”

Conclusion

The risk assessment conducted by the Bank of Ghana demonstrates its commitment to ensuring that AI systems are used in a responsible and compliant manner. The institution’s guidelines and directives aim to enhance the effectiveness of AML/CFT/ PF controls in the country’s financial sector, and we urge all stakeholders to cooperate fully with these efforts.