BoG lists unapproved money transfer organisations operating illegally in remittance and forex markets
The Bank of Ghana has raised alarm over the illicit operations of unapproved Money Transfer Organisations (MTOs) within the Remittance and Forex Markets.
Notable entities such as LEMFI, WISE, XOOM-A PAYPAL SERVICE, SENDVALU, BOSS REVOLUTION, BTC-AZA FINANCE, SUPERSONICZ, and TRANSFER GO feature in the list released by the central bank, signaling a breach of regulatory protocols.
The Bank of Ghana has invoked section 3.1 of the Foreign Exchange Act, 2006 Act 723, emphasizing that engaging in foreign exchange dealings without the required license is a violation.
With reference to section 15.3 of the Foreign Exchange Act, the Bank of Ghana underscores that every foreign exchange transfer to or from Ghana should be executed through duly licensed entities.
The Bank of Ghana’s directive extends to the wider financial ecosystem, cautioning banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) against engaging with unapproved MTOs.
Stringent adherence to the regulatory guidelines is mandated, with non-compliance risking severe sanctions.
