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BoG gives 3 provisions one must make available before deposit or withdrawal from accounts that are not theirs

BoG gives 3 provisions one must make available before deposit or withdrawal from accounts that are not theirs Featured

The Bank of Ghana (BoG) has come out with three provisions one must make available before he/she deposit money into and/or withdraw from accounts that are not theirs at banks or specialized deposit-taking institutions.


The Central bank in a notice signed by Secretary Frances Van-Hein Sackey said persons who wish to conduct such a transaction must provide their “name and address, a verifiable identification card and a telephone number to the requisite bank or specialized deposit-taking institution.”

It said the directive was in compliance with section 23 of the Anti-Money Laundering Act, 2008 (Act 749), as amended.

The Act seeks to shine transparency on persons engaging in financial transactions in a bid to stem money laundering.

It said “in accordance with section 23(7) of the Anti-Money Laundering Act 2008, (Act 749) as amended, all banks and specialized deposit-taking institutions shall require the full personal details of a person who makes a deposit into or withdrawal from an account on behalf of another person.

“Banks and specialized deposit-taking institutions and the general public are to take note and be guided accordingly,” it said.

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  • Origin: prime/GhAgent