BoG tightens anti-money laundering rules for forex bureaux

The Bank of Ghana (BoG) and the Financial Intelligence Centre (FIC) have issued a stringent new Anti-Money Laundering, Combating the Financing of Terrorism and Combating the Proliferation Financing (AML/CFT/CPF) guidelines for Foreign Exchange Bureaux, with immediate effect.

The comprehensive framework replaces the 2024 notice and significantly tightens controls within a sector historically vulnerable to financial crime, explicitly mandating the Ghana Card as the primary identification tool.

The 40-page guideline aims to “detect, prevent, and mitigate” risks related to money laundering, terrorist financing, and proliferation financing.

It designates the BoG as the supervisory body with enforcement powers, requiring bureaux to adopt a risk-based approach and entrench a “culture of compliance.”

Details

The guidelines state, “Foreign Exchange Bureaux shall display prominently and legibly in the customer’s lobby a notice (BG/GOV/SEC/2025/36) to the effect that customers shall always present a valid identification document (Ghana Card).”

For transactions involving ten thousand dollars or more, bureaux must “capture the Ghana Card details” and “biometrically verify the identities of customers.”

Politically exposed

The rules further enjoins forex bureaux to ensure that politically exposed persons (PEPs),  are identified while clarifying that the requirements “shall not be interpreted as stigmatising all PEPs as being involved in criminal activity.”

Furthermore, bureaux “shall not transact business with sanctioned customers,” as designated by international and domestic authorities, and must file a Suspicious Transaction Report (STR) within 24 hours if such an individual is identified.

Anti-money laundering officer

The directive also strongly emphasises on internal governance with each bureau required to have an appointed Anti-Money Laundering Reporting Officer (AMLRO) approved by the BoG.

The AMLRO will be responsible for filing reports and serving as a liaison with authorities.

“Foreign Exchange Bureaux shall not outsource an AML/CFT/CPF function to any third-party without prior approval of Bank of Ghana,” the directive cautioned.