From 1st July, 2022, the Ghana Card will be the only identification for banking or financial transactions, the Bank has disclosed.
This is in furtherance of its objective of ensuring the safety of the financial system.
In a statement, the Central Bank said this is pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111).
In this regard, the BoG is directing Banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions; Payment Service Providers and Dedicated Electronic Money Issuers as well as Forex Bureaus and Credit Reference Bureaus to start using the Ghana for identification from beginning of July, 2022.
“In line with this Notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987), all financial institutions shall take steps to update customer records with the Ghana Card.”
Furthermore, “customers of Bank of Ghana regulated financial institutions are therefore advised to update their records with their respective financial institutions with the Ghana Card in line with this Notice.”
The Central Bank said for Known Your Customer purposes, the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform.
This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the BoG to facilitate the identification of initiators/beneficiaries for track and trace purposes.
It will include but not limited to transactions b banks; non-bank Financial Institutions and Mobile Money Operators (MMOs).
Latest Stories
-
Implementing ESG framework in Ghana’s energy sector for sustainability
13 mins -
CAFCC: Dreams FC exit competition after 3-0 defeat in Kumasi
13 mins -
The detrimental effects of political interference on Ghana’s electricity sustainability
16 mins -
Prof. Opoku-Agyemang’s appointment as running mate intimidates the NPP – Benjamin Quashie
23 mins -
Black Stars physical trainer dead
24 mins -
Bawumia to kick off nationwide campaign for Election 2024 tomorrow
26 mins -
Reason for training professional counsellors is to heal a hurting world – CCP president
3 hours -
Woman allegedly brings dead man to bank to take out a loan
3 hours -
It’s a good feeling to score against PSG because I’m a Marseille boy – Andre Ayew
3 hours -
Joe Lartey Sr: A voice that brought life to Ghana sports and beyond
4 hours -
Bawumia promises to tackle issue most dear to Ghanaians as he begins nationwide campaign
5 hours -
Indian couple donate $24m fortune to charity to adopt monkhood
5 hours -
Australians call for tougher laws on violence against women after killings
6 hours -
African Development Council establishes mission in Benin for Francophone countries
6 hours -
Okyeame Kwame reveals his secret to longevity in music industry
6 hours