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Ghana is set to introduce a locally-based sanction list to strengthen its fintech landscape and curb financial crime. The initiative is a collaboration between the Financial Intelligence Centre (FIC) and Bank of Ghana (BoG), in partnership with fintech industry players.
The need for this development was highlighted at the inaugural FIC Fintech Workshop, where Clarence Blay, Assistant Director-FinTech and Innovation at the Bank of Ghana, spoke about the importance of aligning Ghana’s fintech ecosystem with global AML/CFT standards.
Blay emphasized the role of existing global sanction lists, such as the Office of Foreign Assets Control (OFAC) list, in enhancing Ghana’s fintech ecosystem. However, he also noted the limitations of relying solely on international lists, as they may not comprehensively cover all the risks within Ghana’s fintech landscape.
To address this gap, Ghana is developing a local sanction list to complement international lists. This will help to identify and prevent bad actors from operating within Ghana’s fintech ecosystem.
The development of a local sanction list is part of a wider effort by the Bank of Ghana and FIC to foster a trusted fintech ecosystem in Ghana. Kwaku Duah, Chief Executive Officer of the FIC, has urged fintech companies to prioritize compliance with AML/CFT regulations.
Duah highlighted the critical role of fintech in promoting financial inclusion and digital innovation, and emphasized that fintech will have significant focus during upcoming AML/CFT assessments.
Ghana’s fintech sector has witnessed remarkable growth, with over 46 licensed institutions operating across six primary categories. However, this growth has also attracted the attention of criminals seeking to exploit these innovative platforms for financial crimes.
Strong AML and CFT measures are crucial for fintech companies to safeguard users and uphold the financial system’s integrity. The introduction of a local sanction list is a significant step forward in Ghana’s efforts to strengthen its fintech ecosystem and curb financial crime.
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