Abokobi Rural Bank asked to guard against money laundering

Mr Kwadwo Aye Kusi, Managing Director of ARB Apex Bank, on Wednesday appealed to the management of the Abokobi Area Rural Bank to be diligent and guard against money laundering and illicit trade.

He said the bank officials must take steps to ensure that customers are “Know Your Customer (KYC) compliant” so that the facility would not be used for money laundering or drug trade.


Mr Kusi said in an era where banking transactions were carefully monitored, it would be important to ensure new customers are KYC compliant and that the branch would not be the custodian of funds which could qualify as having been “laundered” or seen as having been derived from drug trade.


He said this in a speech read on his behalf at the launch of a fifth branch of the bank at Ashalley Botwe“In line with government’s desire to introduce financial services to the unbanked and under-banked areas, it is heart-warming that the Abokobi Area Rural Bank has taken a bold step in opening its doors to the business and residents of Ashalley Botwe,” he said.


He commended the bank for the new branch and products such as credit, money transfer products and electronic funds as well as Short Message Service (SMS).


Mr Kusi urged the officials to take steps to explain Western Union, Moneygram, Ezwich and Apexlink to the new clients, adding, “Your credit policies as well your account opening procedures would be key to your successful operation.”

He also appealed to bank officials to be diligent and protect customers from terrorists’ activities, “an act which is gradually but steadily creeping into the socio-political life of Africa.”


Mr Jonathan Adamah, General Manager of Abokobi Area Rural Bank, said prospective customers required a minimum of GH¢10, two passport size photographs and any form of national identification to open an account.


He said modern banking was dependent on quality customer service, which is central in the bank’s focus and that the bank was ready to assist businesses engaged in legal transactions.


Mr Adamah said the bank, in addition to networking its five branches, was putting in place surveillance systems and exploring viable areas for expansion.