New Anti-Money Laundering/Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P) guidelines have been released by the Bank of Ghana.
The guidelines will help licensed institutions by the Bank of Ghana create and implement their individual AML/CFT&P compliance regimes.
It is made in accordance with Section 92(2)(a)(vii) of the Banks and Specialized Deposit-Taking Institutions, Act 2016 and Sections 52 and 61 of the Anti-Money Laundering Act, 2020 (Act 1044). (Act 930).
According to the BOG, Ghana’s efforts to combat money laundering, terrorism financing, and proliferation funding (ML, TF, and PF) have increased since the enactment of the now-repealed Anti-Money Laundering Act, 2008 (Act 749) and Anti-Money Laundering (Amendment) Act, 2014 (Act 874).
It emphasized that the intent of Act 1044 will not be fulfilled unless the Bank of Ghana (BOG) and the Financial Intelligence Centre (FIC) effectively implement their joint measures and accountable institutions (AIs) abide by them. It continued, “It is against this background that the BOG and FIC have developed this Guideline for AIs.”
The Act 1044, Act 762, as amended, and regulations, as well as pertinent Financial Action Task Force (FATF) recommendations, the Basel Committee on Banking Supervision’s good practices, and other international best practices on anti-money laundering and the combating of the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT&P), have all been incorporated into the guideline.
What constitute illegal acts
The range of illegal acts encompasses money laundering, product piracy and counterfeiting, environmental crime, affiliation with organized crime, racketeering, and terrorism, including financing of terrorism.
The role of BoG
The Bank of Ghana’s duties include using a risk-based approach to supervise and monitor artificial intelligence (AIs); monitoring and periodically assessing the level of ML/TF&PF risk posed by AIs; conducting an examination of AIs using the Bank of Ghana’s risk-assessment framework; requesting production of, access to, and any other information necessary for supervision and monitoring of AIs; and creating rules, instructions, or notices to ensure compliance.
Others are required to consent to the appointment of the AIs’ AMLRO, provide feedback regarding the AIs’ compliance with their Act 1044 obligations, and perform any other duties necessary to assist the AIs in understanding their Act 1044 responsibilities.
The Bank of Ghana shall cooperate with and exchange information with any other competent authorities in the performance of duties and the exercise of powers under Act 1044, in accordance with section 52(5)(f) of that law.
In this regard, the Bank of Ghana shall, among other things, issue Guidelines/Notices/Directives to ensure compliance with Act 1044, initiate and act on a request from a foreign counterpart and immediately notify FIC; impose administrative penalties for non-compliance with Act 1044; and perform any other function that may be necessary to ensure compliance with Act 1044.