From July 1, 2020, the Ghana Card will be the only recognized identification to be accepted by banks and other regulated financial institutions, according to the Bank of Ghana (BoG).
As a result, it has advised all licensed financial institutions to update their customer records to include the Ghana Card.
This complies with Section 30 of the Anti-Money Laundering Act of 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations of 2011. (L.I. 1987).
A statement from the central bank said that specialized deposit-taking institutions, non-deposit-taking financial institutions, payment service providers, and dedicated electronic money issuers, as well as FX bureaus and credit reference agencies, are also to comply with the directive.
The central bank also urged customers of regulated financial institutions to update their records with their respective financial institutions with the Ghana Card in line with this notice.
Integrating platforms
It is explained that the National Identification Authority (NIA) verification transaction platform would be incorporated with the Bank of Ghana’s financial monitoring platform.
“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes,” it read.
BoG said this would cover transactions by banks, non-bank financial institutions, and mobile money operators.
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