Bank of Ghana conducts audit of remittance transactions

The Bank of Ghana (BoG) has announced that it is conducting an audit of remittance transactions covering the period 1st October 2024 to 31st December 2024.

The objective of this audit is to assess the remittance process and to provide recommendations to strengthen the existing regulatory framework, the central bank said.

In addition, it said, the audit will 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.

A statement issued on Wednesday February 19 said “All market participants are reminded of their obligation to comply fully with these regulatory requirements.

“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.”

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