Financial Crime World

Ghana’s “Know Your Customer” Regulations: A Must-Know for Financial Institutions and Individuals Alike

In an effort to combat money laundering, terrorist financing, and other financial crimes, the Ghanaian government has implemented strict Know Your Customer (KYC) regulations for all financial institutions operating in the country. As part of this initiative, First National Bank Ghana is required to comply with these regulations.

Documents Required for Individuals

For individuals seeking to open an account or conduct financial transactions at First National Bank Ghana, the following documents are required:

  • Personal Information
    • Date of Birth
    • Identity Number/Document
    • Nationality
    • Contact Details
  • Proof of Address
    • A verified copy of a utility bill (not older than three months from the date of issue), such as water, electricity, or telephone bills
    • A bank statement from another financial institution containing current address

Additional Documents for Foreign Nationals and Non-Residents

Foreign nationals and non-residents, including those with temporary residence permits, must provide additional documents, including:

  • Personal Information
    • Identity Full names
    • Date of Birth
    • Nationality
  • Travel and Residence Documentation
    • Valid Passport or birth certificate for minors
    • Valid Visa for foreign visitors
    • Resident permit/work permit for foreigners working/studying in Ghana
  • Tax and Financial Documents
    • Ghana Income tax registration number (if issued)
    • Source of funds/Proof of Income
  • Residential Address

Documents Required for Refugees and Asylum Seekers

Refugees and asylum seekers must provide documents such as:

  • Personal Information
    • Identity Full names
  • Government-issued Documents
    • Government of Ghana UNHCR registration card
    • Reference from the Ministry of Interior or an appropriate government agency
  • Travel and Residence Documentation
    • Foreign Passport (if held)
    • Proof of residence

For related parties, including natural persons, the following documents are required:

  • Personal Information
    • Identity Full names
    • Birth Certificate (for minors)
  • Foreign Travel and Residence Documents
    • A valid foreign passport (non-Ghana Citizen/resident), including a copy of the relevant permit or visa
    • Or Ghana endorsement or port of entry stamp if applicable. The visa must be valid for at least six months.

Documents Required for Diplomats

Diplomats are required to provide documents such as:

  • Government-issued Letters
    • Letter of appointment from the Ministry of Foreign Affairs and Regional Integration
  • Personal Documents
    • Passport
    • Visa
  • Banking Documentation
    • A letter on embassy letterhead, signed by a relevant Head of mission, instructing the bank to open an account with no appointed signatories. The position and level of authority of the diplomat signing the documents must be verified with reference to the Ministry of Foreign Affairs and Regional Integration.
  • Proof of Identity and Address
    • Document of Identity
    • Proof of address of mandate holder/representative

Purpose of KYC Regulations

These regulations are designed to ensure that financial institutions in Ghana have a thorough understanding of their customers’ identities, sources of funds, and financial transactions. By complying with these regulations, First National Bank Ghana can help prevent financial crimes and maintain the integrity of its operations.