The Bank of Ghana (BoG) has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG) for one month due to several regulatory breaches related to foreign exchange, remittance, money laundering and more.
A statement from BoG said the suspension “is a result of breaches of the foreign exchange market regulations, Updated Guidelines for Inward Remittance Services for Payment.
Service Providers dated and 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.”
Per the statement, the suspension, which takes effect from November 26, 2024, was in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that CBG has put in place effective controls to ensure strict adherence to the foreign exchange market regulations.
The statement further said: ”By this statement, the Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines”.
