The Bank of Ghana (BoG) has introduced new Anti-Money Laundering (AML) guidelines for forex bureaus, aimed at strengthening compliance and minimizing exposure to financial crimes.
The guidelines outline key areas of the Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT&P) programme. These include the designation and responsibilities of an AML Reporting Officer, cooperation with supervisory authorities, customer due diligence, risk assessment, monitoring and reporting of suspicious transactions, and regulatory compliance requirements.
According to the central bank, forex bureaus are vulnerable to various money laundering and terrorism financing risks, which, if not properly managed, could result in severe financial and reputational consequences.
Diligent implementation of these guidelines, BoG noted, will not only reduce the likelihood of forex bureaus being exploited for illicit financial activities but will also enhance protection against economic crimes, organised crime, and associated risks.
Risk-Based Approach to Compliance
The guidelines require forex bureaus to adopt a risk-based approach in identifying and managing money laundering and terrorism financing risks.
“Foreign Exchange Bureaux shall ensure that AML/CFT&P policies governing their operations do not only define money laundering and predicate offences but also outline sanctions for non-compliance with AML/CFT&P requirements. It is, therefore, in the best interest of forex bureaus to foster a culture of compliance, which these guidelines aim to facilitate,” the central bank stated.
Issued under Section 52(e)(i) of Act 1044, the guidelines are intended to help forex bureaus understand and comply with AML/CFT&P laws, develop effective risk-based compliance programmes, and improve the identification, monitoring, and reporting of suspicious transactions.
Reporting Unlawful Activities
Forex bureaus are mandated to identify and report proceeds of crime to the Bank of Ghana and the Financial Intelligence Centre. Unlawful activities requiring reporting include:
Participation in organised criminal groups and racketeering
Terrorism and terrorist financing
Other illicit financial activities
By adhering to these guidelines, forex bureaus will strengthen their compliance frameworks, mitigate risks, and contribute to the broader fight against financial crime in Ghana.