BoG Tightens Clutches on Forex Bureau

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THE BANK of Ghana (BoG) has Issued   a  public  notice announcing tighter measures for the forex sector of the country.

Among others, Forex Bureaux are required to capture all Forex sales electronically and receipt them accordingly. Also, any person who is found transacting business with any unlicensed   Forex  Bureaux  will be dealt  with severely according to law, the BoG noted.

The 30th October release is signed by Frances Van-Hein Sackey, Secretary  to the BoG. It comes as part  of measures to enforce compliance by all licensed Forex Bureaux with the Forex Bureaux Regulations issued in accordance with the For­ eign  Exchange  Act, 2006  {Act 723) and the provisions of the  Anti-Money Laundering Act, 2008 {Act 749)  as amended.

“All customers must pro­ vide valid national identification or other valid personal ID such as Voter’s ID, Passport or, Driver’s License when engaging in forex transactions with Forex Bureau,” the notice said.

It said all Forex Bureaux must submit the required monthly returns electronically to the Bank of Ghana within five working days after the end of the month.

All licensed Forex Bureaux must also complete and submit a license renewal questionnaire,  two months ahead of expiration of operating licenses.  The licenses are to be submitted together with copies  of  Tax  Clearance  Certificate, Insurance, Certificate, Extract  of  Audited  Accounts, Bank  Statements  and  proof of filing of Annual Returns at the Registrar General’s Department.

The release said that registration with the Data Protection Commission of the Ministry of Communications is a key requirement for the renewal of their Operational licenses, adding that all licensed Bureaux must also comply with the provisions of the Data Protection Act, 2012 (Act 843).

“Failure to comply with this Notice shall attract penalties, including pecuniary sanctions, suspension and revocation of license in accordance with the Foreign Exchange Act, 2006, {Act723),”  the notice warned.

Source: Whatsup News

 

 

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