BoG introduces tougher anti-money laundering and terrorism financing guidelines

The Bank of Ghana (BoG) has introduced new and stricter Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/PF) Guidelines aimed at tightening regulatory oversight and strengthening compliance across Ghana’s financial sector.

According to the Central Bank, the move forms part of ongoing efforts to fortify the financial system against illicit financial flows and align Ghana’s framework with global best practices and international standards.

The revised September 2025 guidelines introduce enhanced due diligence measures for banks, specialized deposit-taking institutions, and other regulated entities. Financial institutions are now mandated to verify customer identities more rigorously, assess risk exposures, and report suspicious transactions promptly to the Financial Intelligence Centre (FIC).

The new framework also places greater accountability on boards and senior management, requiring them to actively oversee compliance systems and ensure continuous staff training in anti-money laundering and counter-terrorism financing protocols.

The BoG stressed that the guidelines aim to deepen risk-based supervision and prevent financial institutions from being exploited as conduits for money laundering, terrorism financing, or proliferation-related activities.

It further introduces provisions on politically exposed persons (PEPs), beneficial ownership transparency, and the use of technology and data analytics in monitoring suspicious financial activities.

By strengthening Ghana’s AML/CFT regime, the BoG seeks to enhance financial stability, investor confidence, and the country’s global credibility as a transparent and secure financial hub.

The Central Bank emphasized that the revised framework is in line with Financial Action Task Force (FATF) recommendations and supports national efforts to meet international compliance benchmarks ahead of upcoming peer evaluations.

The Bank has urged all financial institutions to familiarize themselves with the new requirements and ensure full compliance, warning that failure to adhere will attract regulatory sanctions.

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