By 
Ghana has intensified efforts to combat fraud and illicit financial flows by making the Ghana Card mandatory for all foreign exchange (forex) transactions nationwide. The new directive, jointly issued by the Bank of Ghana (BoG) and the Financial Intelligence Centre (FIC), requires forex bureau operators to demand the national biometric ID from every customer before carrying out any transaction.
The requirement forms part of the Anti-Money Laundering, Combating the Financing of Terrorism and Combating the Proliferation Financing (AML/CFT/CPF) Guidelines for Foreign Exchange Bureaux, which took immediate effect upon their issuance in September 2025. Authorities say the move targets longstanding vulnerabilities within the forex segment, which has been identified as a high-risk channel for money laundering and other financial crimes.
By mandating the Ghana Card—already the primary identification document for banking transactions—the regulators aim to close identity and transaction-tracking loopholes across the sector. The guidelines focus on strengthening the detection, prevention and mitigation of money laundering, terrorism financing and proliferation financing risks.
Under the new rules, forex bureaux must enforce strict Customer Due Diligence (CDD) using the Ghana Card. Operators are also required to display a prominent notice in customer areas stating that a valid Ghana Card must be presented for all transactions.
For transactions of US$10,000 or more, bureaux must capture Ghana Card details and carry out biometric verification of customers. Enhanced due diligence applies to Politically Exposed Persons (PEPs), with operators required to identify such individuals and report any suspicious transactions to the FIC within 24 hours.
The Ghana Card has increasingly become the backbone of Ghana’s identity infrastructure, helping to curb fraud in both the financial and telecommunications sectors. It is now central to accessing key government services, including passports, driver’s licences, vehicle insurance, business registration and other public services.
The guidelines also place strong emphasis on internal governance. Each forex bureau must appoint an Anti-Money Laundering Reporting Officer (AMLRO), subject to approval by the Bank of Ghana. The AMLRO will be responsible for regulatory reporting and acting as the primary liaison with oversight authorities. Importantly, bureaux are prohibited from outsourcing any AML/CFT/CPF function without prior approval from the BoG.
Operational requirements have also been tightened. Forex bureaux must use approved money-counting machines, issue electronic receipts for all transactions, and process trades through an authorised forex bureaux management system. In addition, an independent annual audit of each bureau’s AML/CFT/CPF programme is now mandatory, with reports due to the BoG and FIC by April 30 each year. Any identified deficiencies must be rectified within 45 days.
Staff compliance and awareness form another pillar of the new framework. The guidelines introduce comprehensive “Know Your Employee” (KYE) procedures and mandate annual training programmes, with details to be submitted to regulators by December 31. Failure by staff to attend BoG or FIC-mandated training will attract administrative sanctions. A strict prohibition on “tipping-off” is also enforced, preventing employees from disclosing the filing of reports with the FIC.
On reporting obligations, forex bureaux must file Cash Transaction Reports (CTRs) for transactions exceeding GH¢20,000 or its equivalent. Notably, the threshold for suspicious transaction reporting has been removed, requiring all suspicious activities to be reported regardless of transaction size. Bureaux are cautioned to watch for customers unwilling to provide documentation or unable to clearly explain the source of funds for large transactions.
Record-keeping requirements mandate the retention of all customer and transaction records for at least five years. Any breach of the guidelines will expose forex bureaux to sanctions under Act 1044 and the BoG/FIC Administrative Penalties Guidelines, 2022.
Overall, the new measures mark a significant step in Ghana’s drive to align its financial sector with international AML/CFT standards, placing forex bureaux firmly on the frontline of efforts to protect the economy from illicit financial activity.
Comments