All financial institutions including banks and non-banks in Ghana have been directed to appoint an anti-money laundering reporting officer, according to a new guideline on anti-money laundering put together by the Bank of Ghana (BoG) and the Financial Intelligence Centre (FIC).
The guideline “Anti-Money Laundering/Combating the Financing of Terrorism Guideline” which was launched January 3, 2012 states that the directive is in accordance with Regulation 5(1) of L.I.1987.
“Each financial institution shall appoint a person of senior status as an anti-money laundering reporting officer (AML/CFT Reporting Officer – AMLRO) in accordance with Regulation 5(1) of L.I.1987 and such an officer shall receive suspicious or unusual transaction reports from persons handling transactions for the financial institution,” text of the guideline says.
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