us

2a03:2880:f800:1::

Bank of Ghana Issues New Guidelines for AML and CTF

n-img-ghana

The Bank of Ghana (BOG) has introduced new directives on Anti Money Laundering/Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P).

The guidelines are made in accordance with sections 52 and 61 of the AML Act, 2020 (Act 1044) and section 92(2)(a)(vii) of the Banks and Specialized Deposit-Taking Institutions, Act 2016 (Act 930).

According to the BOG, the implementation of the now-repealed Anti-Money Laundering Act, 2008 (Act 749) and AML (Amendment) Act, 2014 (Act 874), together with the Anti-Terrorism Act, 2008 (Act 762), among others, has increased Ghana’s efforts in the combating money laundering, terrorism financing, and proliferation funding.

It emphasised that the purpose of Act 1044 cannot be fulfilled unless BOG and the Financial Intelligence Centre (FIC) effectively implement their joint measures and Accountable Institutions (AIs) abide by them, adding, “It is against this background that the BOG and FIC have developed this Guideline for AIs”.

Act 1044 and Act 762 as modified regulations, pertinent FATF recommendations, the best practices of the Basel Committee on Banking Supervision, and several global best practices on AML/CFT&P have all been incorporated into the guideline.

Suggested Reads:

IMF Joins Hands with Philippines on Wholesale CBDC Project

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

Related Posts

News

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

Explore More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

Explore More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

UK Parliament Legislates New Digital Identity Verification Services Bill

Explore More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Explore More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Explore More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

Explore More

News

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

Explore More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

Explore More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

UK Parliament Legislates New Digital Identity Verification Services Bill

Explore More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Explore More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Explore More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started