The Bank of Ghana (BoG) has advised customers dealing with any licensed financial institution in the country to make it a habit to always ensure that they know the source of any funds they receive in their accounts.
According to the Central Bank, customers are responsible for any activity that takes place on their bank accounts and are liable for any sanctions or punishments that may result as such funds received may be subject to anti-money laundering and countering terrorism financing laws.
“Beware of funds you receive in your bank account for yourself or on behalf of other persons, as this may be subject to anti-money laundering and countering terrorism financing laws. Always ensure the source of funds received in your account is legitimate. Do not allow anyone to use your bank account for a transaction. You are responsible for the activities on your bank account”.
Bank of Ghana
The Bank of Ghana revealed this in its latest slides as it educates the public on Secure Banking Practices as part of the Central Bank’s financial literacy education.
Need to Secure Personal Data
BoG advised the banking public to “Prevent theft of your identity at the banking halls or elsewhere by properly disposing of all documents containing personal data such as name, account number, contact information, signature, etc”.
In addition, the central Bank urged customers to always authenticate the Identity of Representatives of their Banks. According to the Bank of Ghana, “Your financial institution will not ask for any sensitive personal information such as passwords and PINs through phone calls, SMS or emails. Always authenticate the identity of a caller claiming to be a representative of your bank”.
The regulator of the banking industry also advised customers to secure their ATM Cards because “The information on your card could be used by criminals /fraudsters for transactions without your approval even if your PIN is unknown”.
Customers were also urged to protect their Cheque Books, with the warning that “Do not sign a blank cheque for a staff of a financial institution or any person for immediate or later withdrawal”.
BoG insisted that customers should regularly monitor their bank transactions and account balances and report any unlawful, unauthorized, or suspicious transactions on their accounts to their financial institutions.
The Bank of Ghana highlighted the need to Secure Passwords, Usernames & OTPs, saying “Your banking application login credentials such as passwords, usernames and one-time passwords (OTPs) are highly sensitive and important assets in the digital world as the keys to your homes. Properly secure them”.
Furthermore, the Bank of Ghana advised customers to report any unfair treatment they receive from an institution licensed by the Bank of Ghana to the institution in question and if not satisfied, to the Bank of Ghana for prompt redress.
Institutions licensed and supervised by the Bank of Ghana
BoG reminded the public that the only institutions licensed and supervised by the regulator are: Banks, Savings & Loans Companies; Rural & Community Banks; Finance Houses, Finance & Leasing Companies; Leasing Companies, Mortgage Companies; Deposit-Taking Microfinance Companies, and Micro-Credit Companies.
Others include: Non Deposit-Taking Financial NGOs, Individual Money Lenders, Susu Collectors, Forex Bureaus, Credit Bureaus, Dedicated Electronic Money Issuers, Payment Service Providers (PSPs)/ Financial Technology Firms (FinTechs), as well as Payment Financial Technology Service Providers (PFTPs).
The Bank of Ghana emphasized that customers or prospective customers should “Demand to see a valid BoG license from any one of these institutions and ask for a list of their permitted activities” before dealing with them. In case of questions or complaints, BoG urges the public to Contact its Market Conduct Office on the 7th Floor of the Cedi House, Accra.
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