Ghana: Entry into force with grace period of Anti-Money Laundering Act 2020 (Act 1044) including user identification requirements

On 29 December 2020, the Anti-Money Laundering Act 2020 (Act 1044) enters into force with a grace period. The Act requires accountable institutions to prevent unauthorized access to computer systems, protect the integrity of electronic records, and report suspicious transactions, including those conducted online, to the Financial Intelligence Centre (FIC). It also mandates the monitoring and reporting of large or unusual cross-border transactions to the FIC​. The Act further requires accountable institutions to conduct customer due diligence, including identity verification during digital transactions, and to maintain accurate electronic records. Institutions must report unusual or large domestic and cross-border financial activities as part of compliance with the Act’s anti-money laundering and counter-terrorism financing provisions​.