- The Central banks it will fine banks and Specialised Deposit Taking Institutions (SDIs) the fail to comply with Anti-Money Laundering regulations
- According to the BoG institutions who fail to comply will be charged GH¢60,000
The Bank of Ghana has implemented an Anti-Money Laundering (AML) law, which requires defaulting banks to pay fines as much as sixty thousand cedis (GH¢60,000).
Beginning this month, Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations will be made to pay the hefty fine.
The Central Bank has outlined nineteen lapses and their corresponding fines, which stipulate different fines for the various institutions in the banking sector.
The fines range from 2000 to 5,000 penalty units with each penalty unit being equivalent to 12 cedis, Accra-based Citi FM reports.
Banks and Specialized Deposit Taking institutions will be monitored, with the highest fine of 5,000 penalty units applicable to both institutions.
The Bank of Ghana said banks or SDI who fail to submit and implement employee education and training programs, fail to report unusual and complex, large or suspicious transactions or conduct business with shell banks, will be made to pay as much as 60,000 cedis.
Also, a bank which fails to develop and implement Internal Rules and Policies, Internal Risk Assessment Framework as well as fail to appoint an Anti-Money Laundering Reporting Officer at management level, will be liable to 4000 penalty units, equivalent to 48,000 cedis.
Other banking institutions that fail to conduct effective Customer Due Diligence will be made to pay a fine of 2000 penalty units or 24,000 cedis.
The Anti-Money Laundering (AML) law have been implemented by the Central Bank following a failed cyber-attack on the Universal Merchant Bank (UMB).
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