AML/CFT&P Guidelines For Forex Bureaux 2024

Regulation Name: AML/CFT&P Guidelines For Forex Bureaux 2024 
Date Of Release: 28 February 2025
Region: Ghana
Agency: Bank of Ghana

Key AML Compliance Rules for Foreign Exchange Bureaux (Forex Bureaux)

Foreign Exchange Bureaux play a crucial role in the financial system but are also vulnerable to money laundering, terrorism financing, and other illicit activities. To mitigate these risks, strict Anti-Money Laundering (AML) and Combating the Financing of Terrorism & Proliferation (CFT&P) regulations have been established under Act 1044, supervised by the Bank of Ghana (BoG) and the Financial Intelligence Centre (FIC). Below are the key compliance focus areas for forex bureaux:

1. Compliance
Forex bureaux must adhere to AML/CFT&P laws, ensuring all transactions align with regulatory requirements to prevent financial crimes. The Bank of Ghana (BoG) oversees compliance and enforces penalties for violations.

2. Customer Due Diligence (CDD)
Strict Know Your Customer (KYC) procedures must be followed, including verifying customers’ identity, source of funds, and transaction purpose. Accepted identification includes the Ghana Card, passport, or ECOWAS ID.

3. Reporting
Forex bureaux must file Suspicious Transaction Reports (STRs) within 24 hours of detecting unusual activity and submit Cash Transaction Reports (CTR) for transactions above GHS 20,000 or its foreign currency equivalent.

4. Monitoring
Regular transaction monitoring is required to identify suspicious activities, such as frequent high-value transactions, structured transactions to avoid reporting limits, or large cash exchanges without economic justification.

5. Screening
Customers must be screened against sanctions lists (e.g., UN, OFAC, EU, ECOWAS) to prevent dealings with prohibited individuals or entities. Any matches must be reported immediately to the FIC.

6. Training
Annual AML/CFT&P training for employees is mandatory. Staff must be educated on money laundering risks, transaction monitoring, and reporting procedures to ensure compliance.

7. Penalties
Failure to comply with AML guidelines can result in fines, regulatory sanctions, or license revocation. Non-compliant forex bureaux may also face legal action under Act 1044 and other regulatory frameworks.

8. Supervision
The Bank of Ghana (BoG) continuously supervises forex bureaux to ensure adherence to AML regulations. Regular audits and independent reviews must be conducted to assess compliance effectiveness.

Conclusion
By strictly adhering to AML/CFT&P regulations, forex bureaux can help combat financial crimes while maintaining regulatory compliance. Implementing strong CDD, monitoring, reporting, and training measures will ensure a secure and legally compliant forex trading environment.

Read the full law here.

Read about the product: Transact Comply

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