The Bank of Ghana (BoG) has announced the introduction of stricter measures aimed at combating money laundering and the financing of terrorism within the country’s financial system.
The Central bank rolled out a new Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/PF) Guidelines.
The new regulations, BoG said, are part of ongoing efforts to strengthen compliance, enhance transparency, and protect Ghana’s financial integrity in line with international standards.
The measures will require banks and other financial institutions to conduct enhanced due diligence on high-risk customers, improve transaction monitoring systems, and report suspicious activities promptly to the Financial Intelligence Centre (FIC).
According to the BoG, institutions that fail to adhere to the updated anti-money laundering (AML) and countering the financing of terrorism (CFT) guidelines will face heavy sanctions, including monetary penalties and possible suspension of licenses.
The revised framework places greater responsibility on boards and senior management to strengthen compliance systems and ensure continuous staff training on anti-money laundering (AML) practices.
According to the Bank of Ghana, the guideline aims to enhance risk-based supervision and prevent financial institutions from being exploited for money laundering, terrorism financing, or proliferation-related activities.
It also introduces new provisions covering politically exposed persons (PEPs), beneficial ownership transparency, and the use of technology in monitoring and detecting suspicious financial transactions.
By reinforcing Ghana’s AML/CFT regime, the BoG seeks to promote financial stability, boost investor confidence, and strengthen the nation’s reputation as a secure and transparent financial hub.
The central bank noted that the updated guideline aligns with the Financial Action Task Force (FATF) standards and supports Ghana’s efforts to meet international compliance benchmarks ahead of upcoming peer reviews.
The BoG has urged all financial institutions to study the new framework carefully and ensure full adherence, warning that any breaches will attract regulatory sanctions.
