BoG Auditing Remittances from October to December 2024

The Bank of Ghana has commenced an audit of remittance transactions from October 1 to December 31.

In a notice announcing the exercise, the Central Bank said the audit will be used to assess the remittance process and to provide recommendations to strengthen the existing regulatory framework.

“The Bank of Ghana is conducting an audit of remittance transactions covering the period 1st October 2024 to 31st December 2024.”

It will also evaluate compliance with all applicable regulations, including the Foreign Exchange Act 2006, Act (723), 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.

Urging the market participants to comply fully with the regulatory requirements, it said, “Strengthening adherence to these guidelines will enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Foreign Exchange Market.”

Source: opemsuo.com/Hajara Fuseini