Ghana card to be sole ID for all financial transactions-BoG
By DLN
Published
1 min read
In a notice signed by the Secretary to the Central Bank, Ms. Sandra Thompson, entreated all financial institutions to take steps to update customer records with the Ghana Card in line with Section 30 of the Anti-Money Laundering Act, 2020 (...
The Ghana Card is to be used with effect from 1st July 2022, as the only identification card to undertake transactions at all licensed and regulated financial institutions such as Banks; Specialised Deposit-Taking Institutions; Non-Deposit-Taking Financial Institutions; Payment Service Providers, and Dedicated Electronic Money Issuers; Forex Bureaus and Credit Reference Bureaus.
This is according to the Bank of Ghana
In a notice signed by the Secretary to the Central Bank, Ms. Sandra Thompson, entreated all financial institutions to take steps to update customer records with the Ghana Card in line with Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987).
Furthermore, the BoG is urging Customers of Bank of Ghana regulated financial institutions to update their records with their respective financial institutions with the Ghana Card in line with this Notice.
Additionally, the notice indicates that the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform for KYC to ensure that financial transactions performed in the financial institutions are linked to one information.
“For KYC purposes, the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform. This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions are shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes. This will include but is not limited to transactions by i. Banks; ii. Non-bank Financial Institutions; and iii. Mobile Money Operators (MMOs),” it indicates.
