The Bank of Ghana has announced that it is conducting an audit of remittance transactions. The audit the central bank revealed will cover the period of October 1, 2024, to December 31, 2024.
A notice issued by the BoG and signed by Secretary to the Bank Sandra Thompson said the objective of the audit is to assess the remittance process to provide recommendations to strengthen the existing regulatory framework.
The BoG also announced that it will evaluate compliance with all applicable regulations, including the Foreign Exchange Act 2006, Act (9723), the Updated Guidelines for Remittances, the Payment Services Act 2019 (Act 987), and the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Guidelines.
”All market participants are reminded of their obligation to comply with these regulatory requirements. Strengthening adherence to these guidelines will enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Exchamnge Market,” the notice added.
By: Rainbowradioonline.com/Ghana
