The Consolidated Bank of Ghana’s (CBG) forex trading license has been suspended by the Bank of Ghana for a month, starting on November 26, 2024.
When the Bank of Ghana is satisfied that CBG has put in place efficient measures to guarantee rigorous adherence to the foreign exchange market laws, the license will be reinstated at the conclusion of the one-month suspension term.
The Bank of Ghana has discovered several violations of the foreign exchange market regulations, the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline, for Accountable Institutions in Ghana, dated December 2022, and the Updated Guidelines for Inward Remittance Services for Payment Providers, dated November 2023.
The Bank of Ghana issued a notification on November 12, 2024, signed by Sandra Thompson, Secretary of the Bank of Ghana, warning participants in the foreign exchange market to rigorously follow the relevant rules and regulations.
A copy of the notification is attached below.
Source: newsthemegh.com