Ghana: Adopted Bank of Ghana AML/CFT&P Guideline for Accountable Institutions including identity verification requirements

On 23 December 2022, the Bank of Ghana (BoG) adopted the Anti-Money Laundering/Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions (AIs), including virtual assets. The guideline requires AIs to implement enhanced due diligence (EDD) for non-face-to-face transactions, including biometric verification using the Ghana Card and automated real-time transaction monitoring. It also mandates adherence to international standards to ensure data accuracy and mitigate risks associated with financial crimes​. The guideline includes obligations for AIs to establish internal controls to detect and report suspicious activities, particularly in the context of online transactions. Requirements include risk-sensitive frameworks, monitoring virtual asset transactions, and maintaining detailed transaction records.