BoG issues warning over 3rd party transactions

The Bank of Ghana (BoG) has warned banks, specialized deposit-taking institutions and the general public to comply with the law regarding third-party identification involving deposits and withdrawals.

With this, the BoG expects every individual withdrawing and depositing money on behalf of another to provide every necessary personal detail needed to see the transaction through.

Banks and Specialized Deposit-Taking institutions are also expected to ensure these details are provided, or otherwise deny undertaking the transaction for any customer who fails to provide the necessary information.

Pursuant to 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.

It is on the back of this provision that the BoG has said all third parties making deposits into or withdrawals from an account other than their own, shall provide the name and address of the third party, verifiable identification card and a telephone number of the third party to the requisite bank or specialized deposit-Taking institution.

This was contained in a statement released by the Bank of Ghana on Wednesday, September 3, and signed by its Secretary, Frances Van-Hein Sackey.