In a decisive move to fortify its financial system, Ghanaian authorities have launched a rigorous regulatory crackdown on the currency exchange sector.
The Bank of Ghana (BoG), in conjunction with the Financial Intelligence Centre (FIC), has issued an immediate and stringent set of guidelines, effective from September 2025, that supplant the 2024 notice with far stricter controls.
This new framework expressly aims to combat money laundering and other illicit financial flows, directly responding to the sector's history of regulatory concerns.
The BoG is unequivocally established as the supervisory authority with direct enforcement powers, mandating that all Foreign Exchange Bureaux cultivate and maintain an unwavering "culture of compliance" to systematically detect and prevent financial crimes.
The operational heart of this fresh regime is a rigorous, risk-based application of Customer Due Diligence (CDD) procedures.
Bureaux must now adhere to strict identity verification protocols, with specified acceptable documents and clear transaction thresholds that automatically trigger enhanced scrutiny.
By enforcing these measures, the authorities aim to close longstanding vulnerabilities and methodically strengthen the integrity of the entire foreign exchange market.
This comprehensive approach, targeting money laundering, terrorist financing, and proliferation financing risks, represents a significant escalation in oversight designed to align the sector with international standards and safeguard Ghana's financial stability. Read more...
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