Accra, Ghana — On February 28, 2025, Ghana’s central bank, in collaboration with the Financial Intelligence Centre, released new anti-money laundering (AML) guidelines for the foreign exchange (forex) bureau sector. The guidelines are part of the country’s broader efforts to combat money laundering, financing of terrorism, and the proliferation of weapons of mass destruction.
The “Anti-money Laundering/Combating the Financing of Terrorism & the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guidelines” are effective immediately and apply to all forex bureaux operating under a Bank of Ghana licence. The document outlines the critical role of these bureaux in monitoring and mitigating risks related to money laundering, emphasizing that failure to adequately manage these risks could lead to significant financial and reputational damage.
Key aspects of the guidelines include the establishment of robust internal controls, thorough identity checks for customers making forex transactions, and stringent staff training programs. The guidelines also highlight the importance of maintaining detailed transactional records and reporting suspicious activities to the relevant authorities.
In addition, the document emphasizes the importance of collaboration between regulatory bodies, including the Bank of Ghana and other supervisory entities, to ensure an effective AML framework. The guidelines adopt a risk-based approach, outlining clear obligations for forex bureaux to implement Know Your Customer (KYC) procedures and due diligence processes.
The Bank of Ghana and the Financial Intelligence Centre have encouraged forex bureaux to embrace a culture of compliance to meet these regulatory requirements. The guidelines are part of Ghana’s ongoing efforts to bolster the integrity and security of its financial system.
These developments follow similar regulatory actions across Africa, such as recent changes made by Angola’s central bank to enhance financial stability in that country.
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