Bank of Ghana probing money transfer infractions among banks, financial institutions

Chief Manager at the central bank’s Supervision Department, Philip Danso has said it has begun investigations into money transfer breaches taking place among banks and other financial institutions.

According to him, a wide range of steps are being undertaken to ascertain every paper trail that is related to the money transfer breaches.

In an interaction with the B&FT newspaper monitored by GhanaWeb, Philip Danso warned that offenders that are caught up in such infractions will be severely sanctioned.

“What I know is that, for now, stakeholder institutions are investigating a lot of transactions which involve money transfer. The investigations comprise under-documentation, understated values without proper documentation or without documentation at all,” Danso said.

He assured that, “The Financial Intelligence Centre and Ghana Revenue Authority, with leadership from the Bank of Ghana, are looking at all these infractions. We can assure the public that any entity, licenced by the Bank of Ghana or not, found culpable will face criminal actions.”

Philip Danso further disclosed that there have been some bank-related transfers that were done without a Technology Transfer Agreement (TTA).

“The central bank will look into these infractions and sanctions will be applied once evidence is provided,” he added.

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