• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Central Bank issues new guidelines for anti-money laundering, terrorism financing

3 years ago
in Banking & Finance, Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
189
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Central Bank issues new guidelines for anti-money laundering, terrorism financing

The Bank of Ghana has issued new guidelines for Anti-Money Laundering/Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P).

The guideline will assist the design of Bank of Ghana Licensed Institutions and implement their respective AML/CFT&P compliance regime.

It is made in pursuance of sections 52 and 61 of the Anti-Money Laundering Act, 2020 (Act 1044) and section 92(2)(a)(vii) of the Banks and Specialized Deposit-Taking Institutions, Act 2016, (Act 930).

The BOG said the enactment of the now repealed Acts:- Anti-Money Laundering Act, 2008 (Act 749) and AntiMoney Laundering (Amendment) Act, 2014 (Act 874), together with the Anti-Terrorism Act, 2008 (Act 762), among others has intensified Ghana’s efforts towards the fight against money laundering, terrorism and proliferation financing (ML/TF&PF).

It stressed that the purpose of Act 1044 will not be realised unless there is an effective implementation of the collaborative measures being adopted by the Bank of Ghana (BOG) and the Financial Intelligence Centre (FIC) as well as compliance by accountable institutions (AIs), adding, “It is against this background that the BOG and FIC have developed this Guideline for AIs”.

The guideline has incorporated essential elements of Act 1044, Act 762 as amended and regulations, relevant Financial Action Task Force (FATF) Recommendations, the sound practices of the Basel Committee on Banking Supervision and other international best practices on AntiMoney Laundering and the Combating of the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P).

Scope of unlawful activities

RelatedPosts

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

BoG Designates Digital Credit Services as Non-Bank Financial Service

The scope of unlawful activities include counterfeiting currency, counterfeiting and piracy of products, environmental crime, participation in an organised criminal group and racketeering and terrorism, including terrorist financing.

AML/CFT&P obligations of BOG

The functions of the Bank of Ghana include adoptinga risk-based approach in supervising and monitoring AIs; monitor and periodically assess the level of ML/TF&PF risk of the AIs; carry out an examination of AIs based on the Bank of Ghana risk-assessment framework, request production of, access to, the records, documents, or any other information relevant to the supervision and monitoring of AIs and develop guidelines, directives or notices to ensure compliance.

Others are to provide feedback on compliance with obligations under the Act 1044 by AIs; approve the appointment of the AMLRO of AIs; and undertake any other activity necessary for assisting AIs to understand their obligations under Act 1044.

In accordance with section 52(5)(f) of Act 1044, the Bank of Ghana, shall also co-operate and share information with any other competent authorities in the performance of functions and the exercise of powers under Act 1044.

In this regard, the Bank of Ghana shall initiate and act on a request from a foreign counterpart and notify FIC immediately; impose administrative penalties for non-compliance with Act 1044; issue Guidelines/Notices/Directives to ensure compliance with Act 1044; perform any other function as may be required to ensure compliance with Act 1044; among others.

Tags: Central Bank issues new guidelines for anti-money launderingterrorism financing
No Result
View All Result

Highlights

Finance Minister Urges Fairer Global Framework as Africa’s Debt Burden Hits $1.3 Trillion 

UK Pledges Support as Ghana Faces GIABA Assessment Amid Gold Sector Scrutiny

BOST Holds 2025 AGM, Tasked to Deliver Profitability and Support Green Transition

Brussels Airlines Adds 5 More A320neo Aircraft to its Fleet

Bog Governor Hints at $4bn Inflows From COCOBOD Financing Deal to Support Cedi

Dangote to Build $2.5 Billion Fertiliser Facility in Ethiopia

Trending

Features

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

August 29, 2025

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle Manchester United manager Ruben Amorim has candidly...

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

August 29, 2025
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama,

BoG Designates Digital Credit Services as Non-Bank Financial Service

August 29, 2025

Finance Minister Urges Fairer Global Framework as Africa’s Debt Burden Hits $1.3 Trillion 

August 29, 2025

UK Pledges Support as Ghana Faces GIABA Assessment Amid Gold Sector Scrutiny

August 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.