FLASHBACK: Forex Bureaux to demand voter’s ID, passport or a driver’s license before transactions

In 2018, the Bank of Ghana stated that any person seeking to exchange one currency for another must present a Voter's ID, passport, national identification card, or driver's license. The move was to provide an audit trail of the forex traders’ business history and secure the country against financial crimes. Read the full story originally published on November 1, 2018 by goldstreetbusiness A visit to the forex bureau to exchange one currency for another will require one to provide valid identification including voter’s ID, passport, national identification card, or driver’s license. The directives according to the Bank of Ghana (BoG) are aimed at providing an audit trail of the forex traders’ business history and secure the country against financial crimes. The central bank also wants forex bureau operators to complete and submit a licence renewal questionnaire two months before the expiration of their licences with the questionnaire expected to be submitted together with a copy of a tax clearance certificate. A copy of insurance certificate and extract of audited accounts, bank statements and proof of filing of annual returns at the Registrar General’s Department are also expected to be attached to the required documents. The central bank also directs all purchases and sales of forex to be captured electronically and receipted accordingly by licensed Forex Bureaux. Licensed Forex Bureaux are also to comply with the provisions of the Data Protection Act, 2012 (Act 843) and must register with the Data Protection Commission of the Ministry of Communication as a key requirement for annual license renewal. They are also to adhere to the Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723), and the provisions of the Anti-Money Laundering Act, 2008 (Act 749). Failure to heed the instructions will lead to penalties including pecuniary sanctions, suspension, and revocation of license in accordance with the Foreign Exchange Act 2006, (Act 723), the released notice held.

In 2018, the Bank of Ghana stated that any person seeking to exchange one currency for another must present a Voter's ID, passport, national identification card, or driver's license. The move was to provide an audit trail of the forex traders’ business history and secure the country against financial crimes. Read the full story originally published on November 1, 2018 by goldstreetbusiness A visit to the forex bureau to exchange one currency for another will require one to provide valid identification including voter’s ID, passport, national identification card, or driver’s license. The directives according to the Bank of Ghana (BoG) are aimed at providing an audit trail of the forex traders’ business history and secure the country against financial crimes. The central bank also wants forex bureau operators to complete and submit a licence renewal questionnaire two months before the expiration of their licences with the questionnaire expected to be submitted together with a copy of a tax clearance certificate. A copy of insurance certificate and extract of audited accounts, bank statements and proof of filing of annual returns at the Registrar General’s Department are also expected to be attached to the required documents. The central bank also directs all purchases and sales of forex to be captured electronically and receipted accordingly by licensed Forex Bureaux. Licensed Forex Bureaux are also to comply with the provisions of the Data Protection Act, 2012 (Act 843) and must register with the Data Protection Commission of the Ministry of Communication as a key requirement for annual license renewal. They are also to adhere to the Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723), and the provisions of the Anti-Money Laundering Act, 2008 (Act 749). Failure to heed the instructions will lead to penalties including pecuniary sanctions, suspension, and revocation of license in accordance with the Foreign Exchange Act 2006, (Act 723), the released notice held.