The Bank of Ghana is urging banks and all financial services sector players to increase their investments in technology to deal with the rising fraud cases in the banking sector.

This is to ensure that the technology gap between bankers and some customers is bridged in order to address the menace.

The Head of Financial Stability at the Bank of Ghana, Dr. Joseph France, said the risk assessment must be considered as critical to safeguard the banking sector.

Speaking to Journalists after addressing the opening of three days Enterprise-wide Risk Assessment training by the Ghana International Bank, he also said the Bank of Ghana has reiterated its commitment towards strengthening its Anti-Money Laundering/CFT regime and joining the global fight against cross-border financial crime.

Accordingly, relevant national authorities continue to create the requisite environment that reinforces sound management of financial crime risk by financial intermediaries.

Dr. France, said over the last decade, national-level efforts have focused on strengthening legal and regulatory frameworks, innovation, domestic and cross border cooperation, among others in response to addressing deficiencies identified during successive national risk assessments and mutual evaluations.

As such, recent interventions succeeding in the development of national AML/CFT policy include the review of the national risk assessment, the promulgation of a consolidated anti-money laundering law, and the strengthening of the Financial Intelligence Center with relevant resources, among others.

On the regulatory front, the Head of Financial Stability of the Bank of Ghana said the BoG has completed these national level efforts in several efforts. These include the implementation of a risk-based supervision approach and a sanction regime issuance of AML/CFT & P guidelines for accountable institutions to use the Ghana Card for due diligence processes and have issued supervisory guidance note in that regard since last year.