Ghana’s biometric national identification card, the Ghana Card, has once again been deployed as a key tool in the fight against fraud in the financial sector, which continues to negatively impact the economy.
In a new move, the Bank of Ghana (BoG) and the Financial Intelligence Centre (FIC) have announced stringent measures requiring foreign exchange (forex) bureau operators to demand the Ghana Card from all customers before conducting transactions.
The Anti-Money Laundering, Combating the Financing of Terrorism and Combating the Proliferation Financing (AML/CFT/CPF) Guidelines for Foreign Exchange Bureaux take immediate effect following their issuance in September 2025.
Forex bureaux have been widely identified as vulnerable points for money laundering and other financial crimes.
The use of the robust Ghana Card identity system already the primary identification document for banking transactions is expected to close existing loopholes.
Among the key areas the guidelines seek to address are the detection, prevention, and mitigation of risks associated with money laundering, terrorism financing and proliferation financing.
Under the new rules, forex bureau operators are mandated to enforce Customer Due Diligence (CDD) procedures using the Ghana Card.
“Foreign Exchange Bureaux shall display prominently and legibly in the customer’s lobby a notice (BG/GOV/SEC/2025/36) to the effect that customers shall always present a valid identification document (Ghana Card),” the guidelines state.
For transactions involving ten thousand United States dollars or more, bureaux are required to capture Ghana Card details and biometrically verify the identities of customers, the guidelines add.
The measures further require operators to apply enhanced scrutiny to Politically Exposed Persons (PEPs), including taking steps to identify such individuals and reporting suspicious transactions to the FIC within 24 hours of detection.
The Ghana Card has become the country’s primary source of identification and has significantly helped to curb identity fraud in both the financial and telecommunications sectors.
It is also now the main national identification document for accessing government services such as passports, driver’s licences, vehicle insurance, business registration, and other public services.
Internal governance is heavily emphasised under the guidelines. Each forex bureau must appoint an Anti-Money Laundering Reporting Officer (AMLRO), whose approval by the Bank of Ghana is mandatory.
The AMLRO is responsible for filing reports and serving as a liaison with regulatory authorities.
Notably, forex bureaux are prohibited from outsourcing any AML/CFT/CPF function to a third party without prior approval from the Bank of Ghana.
Key operational requirements include the use of approved money-counting machines, mandatory issuance of electronic receipts, and the conduct of all transactions through a foreign exchange bureaux management system.
In addition, an independent annual audit of each bureau’s AML/CFT/CPF programme is compulsory, with audit reports to be submitted to the BoG and FIC by April 30 each year. Any identified weaknesses must be addressed within 45 days.
Employee vigilance is also critical. The guidelines introduce comprehensive “Know Your Employee” (KYE) procedures and mandate annual training programmes, the details of which must be submitted to regulators by December 31.
Failure by staff to attend BoG or FIC training programmes will attract administrative sanctions. A strict “tipping-off” prohibition is also in force, barring staff from disclosing that a report has been filed with the FIC.
On reporting obligations, forex bureaux must file a Cash Transaction Report (CTR) for transactions exceeding twenty thousand Ghana cedis or its equivalent. Crucially, the threshold for reporting suspicious activity has been removed, with all suspicious transactions required to be reported regardless of the amount involved.
The explanatory notes caution bureaux to be alert to customers who are reluctant to provide supporting documentation or who conduct large currency transactions without a clear explanation of the source of funds.
Record-keeping requirements mandate that all customer and transaction records be retained for a minimum of five years.
Non-compliance with any provision of the guidelines will render forex bureaux liable to sanctions as prescribed under Act 1044 and the BoG/FIC Administrative Penalties Guidelines, 2022.
The new guidelines represent a significant step in Ghana’s efforts to align its financial sector with international standards and shield the economy from illicit financial flows, with forex bureaux now positioned at the frontline of enforcement.
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