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Cleaning the Financial Sector: BoG gives new directives to Forex Bureaux

As a measure to sensitize the financial sector, the Bank of Ghana, has introduced new directives to regulate the activities of Forex Bureaux in Ghana.

In a latest statement from the Bank of Ghana to Forex Bureaux and the general public sighted by ghanatalksbusiness.com stated that as part of measures to enforce compliance by all licensed Forex Bureaux with the Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723), and the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended the Bank of Ghana announces for the information of all licensed Forex Bureaux and the General Public the following;

  1. All purchases and sales of forex must be captured electronically and receipted accordingly by licensed Forex Bureaux.
  2. All customers must provide valid national identification or other valid personal ID such as Voter’s ID, Passport or Driver’s License when engaging in forex transactions with Forex Bureau.
  3. All licensed Forex Bureaux must submit the required monthly returns electronically to the Bank of Ghana within five (5) working days after the end of the month.
  4. All licensed Forex Bureaux must complete and submit a license renewal questionnaire two (2) months before the expiration of the current license. The questionnaire must be submitted together with the following attachments:
  5. Copy of Tax Clearance Certificate
  6. Copy of Insurance Certificate
  7. Extract of Audited Accounts
  8. Bank Statements
  9. Proof of filing of Annual Returns at the Registrar General’s Department
  10. All licensed Forex Bureaux must comply with the provisions of the Data Protection Act, 2012 (Act 843) and must register with the Data Protection Commission of the Ministry of Communication as a key requirement for annual license renewal.
  11. Any person found transacting business with an unlicensed Forex Bureau or illegal forex dealers shall be dealt with in accordance with the Laws of Ghana.

The Bank of Ghana further cautioned that failure to comply with the latest notice shall attract penalties, including pecuniary sanctions, suspension, and revocation of license.

Meanwhile, the Bank of Ghana in August this year released the list of over 400 licensed Forex Bureaux in Ghana as a measure to caution the general public to be wary of their activities on the Forex market.

CHECK BELOW FOR THE LIST OF LICENSED FOREX BUREAUX IN GHANA

List of Licensed Forex Bureaux as at August 2018

 

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