The Bank of Ghana has issued the Anti-Money Laundering, Combating the Financing of Terrorism & Combating the Proliferation Financing of Weapons of Mass Destruction (AML/CFT/CPF) Agency Banking Guidelines.
The guidelines is issued pursuant to section 101(2)(j) of the Payment Systems and Services Act, 2019 (Act 987) and section 52(5)(e)(i) of the Anti-Money Laundering Act, 2020 (Act 1044).
The guidelines which take immediate effect shall apply to Banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers and Payment Service Providers and any other institution licensed by the Bank of Ghana to undertake agency banking activities.
The objectives of this guideline are to assist principals to develop and implement effective risk-based AML/CFT/CPF compliance programmes; and ensure that the agent(s) understand and comply with AML/CFT/CPF laws and regulatory requirements.
The Guideline is structured under corporate governance, Known Your Customer, among others.
For corporate governance, the Board and Management of a principal shall be responsible for the AML/CFT/CPF enforcement and compliance of its agent(s).
The Board shall also approve the risk assessment of agency banking, as prepared by the Management of a Principal and document same. The assessment shall be updated through a periodic review within a two-year cycle or in the event of a significant occurrence.
For KYC, a principal shall ensure that its agent(s) always complies with KYC/CDD/EDD policies and procedures.
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