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The Bank of Ghana (BoG) has rolled out new guidelines aimed at tightening oversight and ensuring stronger compliance across the financial sector in the fight against money laundering, terrorism financing, and proliferation financing. The revised September 2025 guideline introduces enhanced due diligence procedures for banks, specialized deposit-taking institutions, and other regulated financial entities. Key Provisions of the Guidelines The new guidelines require institutions 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). The guidelines also place greater accountability on boards and senior management to oversee compliance frameworks and ensure continuous staff training on anti-money laundering practices. Enhanced Risk-Based Supervision The BoG emphasizes 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. The guidelines also incorporate new provisions on politically exposed persons, beneficial ownership transparency, and the use of technology in monitoring financial transactions. International Compliance The BoG hopes to enhance financial stability, investor confidence, and the country’s global reputation as a safe and transparent financial hub by strengthening the AML/CFT regime. 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 of Ghana has urged all financial institutions to familiarize themselves with the new framework and ensure full compliance, warning that non-adherence will attract regulatory sanctions. The central bank’s move is part of ongoing efforts to fortify Ghana’s financial system against illicit financial flows and align the country’s practices with international standards.
