Financial Crime World

Bank of Ghana Issues Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism

Accra, Ghana - The Bank of Ghana has issued guidelines for anti-money laundering (AML) and combating the financing of terrorism (CFT), in accordance with the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended, and the Anti-Terrorism Act, 2008 (Act 762) as amended.

Purpose

The guidelines are designed to ensure that all financial institutions licensed by the Bank of Ghana understand and comply with the requirements of the law and obligations imposed on them. They also mandate the Bank of Ghana and Financial Intelligence Centre to effectively enforce AML/CFT requirements and ensure compliance by accountable institutions.

Part A: AML/CTF Directives

The guidelines provide for a risk-based approach to AML/CFT, requiring financial institutions to:

  • Identify, assess, and understand their money laundering/terrorism financing (ML/TF) risks
  • Develop policies indicating their commitment to comply with AML/CFT obligations
  • Formulate internal rules, procedures, and controls to prevent transactions that facilitate ML/TF activities

Additionally, the guidelines require the appointment of an Anti-Money Laundering Reporting Officer (AMLRO) who shall be responsible for:

  • Developing an AML/CFT compliance program
  • Receiving and vetting suspicious transaction reports
  • Filing reports with the Financial Intelligence Centre
  • Coordinating training for staff on AML/CFT awareness, detection methods, and reporting requirements

Part B: Guidance on KYC

The guidelines provide guidance on customer due diligence (KYC) procedures, requiring financial institutions to:

  • Verify the identity of their customers
  • Maintain accurate records
  • Conduct ongoing monitoring of customer transactions
  • Report any suspicious activity to the Financial Intelligence Centre

Scope of Unlawful Activities

The guidelines identify a wide range of unlawful activities that may be subject to AML/CFT measures, including:

  • Participation in organized criminal groups
  • Terrorism
  • Human trafficking
  • Sexual exploitation
  • Drug trafficking
  • Other predicate offenses under the Anti-Money Laundering Act and the Anti-Terrorism Act

Measures to be Taken Against ML/TF

The guidelines require financial institutions to take a number of measures to prevent ML/TF activities, including:

  • Implementing internal policies and procedures
  • Conducting regular customer due diligence
  • Reporting suspicious activity
  • Providing information to competent authorities upon request

Compliance

The Bank of Ghana has emphasized the importance of compliance with these guidelines, stating that non-compliance may result in severe penalties, including fines and criminal prosecution.