Third Party Identification Involving Deposits and Withdrawals Enforced

10.09.2019 LISTEN

The Bank of Ghana, BoG has notified the general Public, Banks and Specialized Deposit-Taking Institutions to require full personal details of persons making deposits or withdrawals on behalf of other account holders.

In a statement signed by Mrs. Frances Van-Hein Sackey, the BoG directed Banks and Specialized Deposit-Taking Institutions as well as individuals to provide Name and address of the third party, a verifiable identification card and

a telephone number of the third party to the requisite bank or specialized deposit-Taking institution.

Read full statement below.

NOTICE TO BANKS, SPECIALISED DEPOSIT-TAKING INSTITUTIONS, AND THE GENERAL PUBLIC

NOTICE NO. BG/GOV/SEC/2019/15

ENFORCEMENT OF THIRD-PARTY IDENTIFICATION INVOLVING DEPOSITS AND WITHDRAWALS

Pursuant to section 23 of the Anti-Money Laundering Act, 2008 (Act 749) as amended the Bank of Ghana hereby issues this notice for the information of all Banks and Specialized Deposit-Taking Institutions and the General Public.

All Banks, Specialized Deposit-Taking Institutions and the General Public are to note the following:

1. In accordance with section 23(7) of the Anti-Money Laundering Act 2008, (Act 749) as amended, all Banks and Specialized Deposit-Taking Institutions shall require the full personal details of a person who makes a deposit into or withdrawal from an account on behalf of another person.

2. Pursuant to the above, all third parties making deposits into or withdrawals from an account other than their own, shall provide the following information:

a. Name and address of the third party;

b. A verifiable identification card and

c. A telephone number of the third party to the requisite bank or specialized deposit-Taking institution.

Banks, Specialized Deposit-Taking institutions and the general public are to take note and be guided accordingly.

(Sgd.)

FRANCES VAN-HEIN SACKEY (MRS.)

THE SECRETARY

4TH SEPTEMBER, 2019