Bank of Ghana suspends CBG’s overseas change buying and selling license

The Bank of Ghana, (BoG), has suspended the Foreign Exchange Trading Licence of the Consolidated Bank Ghana (CBG) with impact from November 26, 2024.

In an announcement on Tuesday, November 12, the Central Bank stated the suspension, which might final for a   month was in accordance with part 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

It attributed the choice to some breaches of the overseas change market laws, together with Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023.

The different breaches pertained to the Anti-Money Laundering/Combating the Financing of Terrorism in addition to the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline, for Accountable Institutions in Ghana dated December 2022.

The Central Bank indicated that the licence of CBG could be restored on the finish of the one-month suspension as soon as it was glad that CBG has put in place efficient controls to make sure strict adherence to the overseas change market laws.

“By this statement, the Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the Central financial institution said.

Source: GNA