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Story: Business Desk The Bank of Ghana (BoG) has rolled out new Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/PF) Guidelines aimed at tightening oversight and ensuring stronger compliance across the financial sector. The move, according to the central bank, forms part of ongoing efforts to fortify Ghana’s financial system against illicit financial flows and align the country’s practices with international standards. The revised September 2025 guideline published by the Central Bank introduces enhanced due diligence procedures for banks, specialized deposit-taking institutions, and other regulated financial entities. Institutions are now required to identify and verify the identities of their customers more rigorously, assess risk exposure, and report suspicious transactions promptly to the Financial Intelligence Centre (FIC). It also places greater accountability on boards and senior management to oversee compliance frameworks and ensure continuous staff training on anti-money laundering practices. The BoG emphasized that the guideline seeks to deepen risk-based supervision and prevent financial institutions from being used as conduits for money laundering, terrorism financing, or proliferation-related activities. It also incorporates new provisions on politically exposed persons, beneficial ownership transparency, and the use of technology in monitoring financial transactions. By strengthening Ghana’s AML/CFT regime, the Bank of Ghana hopes to enhance financial stability, investor confidence, and the country’s global reputation as a safe and transparent financial hub. The central bank said the new guideline aligns with the Financial Action Task Force (FATF) recommendations and supports national efforts to meet international compliance benchmarks, particularly ahead of upcoming peer evaluations. The Bank urged all financial institutions to familiarize themselves with the new framework and ensure full compliance, warning that non-adherence will attract regulatory sanctions.
