The BoG has informed Licensed Dealer Banks that their Foreign Exchange Trading Licenses must be renewed and remain valid.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Bank of Ghana has advised Licensed Dealer Banks that the renewal and continued validity of their Foreign Exchange Trading Licenses shall be contingent upon demonstrable and sustained compliance with applicable regulatory requirements and internal control standards.

Accordingly, institutions are required to ensure, at a minimum, that the following measures are effectively implemented and consistently enforced.

The measures include the implementation of robust verification protocols for all foreign currency transfer instructions, including multi-tier authorization structures and comprehensive customer identification and validation procedures as well as the maintenance of a clear and effective segregation of duties among officers responsible for the initiation, processing, approval and execution of foreign currency transactions, to mitigate operational risks including fraud.

Source: newsthemegh.com