The Ghana Card will be the only recognized identification in banks and other regulated financial institutions from July 1, 2020.
The Bank of Ghana in a statement issued on Wednesday, January 19, 2022, urged all regulated financial institutions to take steps to update customer records with the Ghana Card.
This is in line with section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987).
Aside from banks, the relevant institutions include specialised deposit-taking institutions, non-Deposit-Taking financial institutions, payment service providers, and dedicated electronic money issuers; forex bureaus, and credit reference bureaus.
The central bank also urged customers of regulated financial institutions to update their records with their respective financial institutions with the Ghana Card in line with this notice.
It is explained in the statement that 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 Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes”
The Bank of Ghana said this will cover transactions by banks, non-bank financial institutions, and mobile money operators.
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