Forex Bureaux Start Identity Verification Today

Foreign Exchange Bureaux will today, August 1, 2024, start taking biometric verification of customers as well as the issuance of receipts as part of the centralised foreign exchange trading platform launched by the Bank of Ghana (BoF).

These businesses are to use the Ghana Card for all financial transactions for all persons seeking to buy or sell foreign currencies to undergo biometric verification, per a statement from the Central Bank.

Foreigners will however be required to provide their passports.

Meanwhile, Foreign Exchange Bureaux are enjoined to issue electronic receipts to customers for all purchases and sales of foreign currencies.

In a statement on July 30, the Bank announced the new measure aimed at ensuring safe and sound operations of the foreign exchange business as well as improving oversight for Directors and Management of bureaux and enhancing the Bank’s monitoring and supervision of their operations.

As part of this, all Foreign Exchange Bureaux transactions are supposed to be conducted on the new trading platform.

“The platform has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals. It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.”