• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, October 11, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Refrain from Illegal Financial Trade, BoG Charges Rural and Community Banks

Stephen M.Cby Stephen M.C
December 14, 2021
Reading Time: 3 mins read
Stephen M.Cby Stephen M.C
in Banking
0
Restrain Illegal Financial Trade, BoG Charges Rural and Community Banks

Mr George Nkrumah

The Bank of Ghana (BoG) has called on Rural and Community Banks across the country to ensure strict compliance and effective monitoring of all bank transactions to curb criminal activities.

Mr George Nkrumah, Head of Financial Integrity at the Bank of Ghana made this known at a sensitization workshop for Rural and Community Banks and some microfinance institutions in the Western and Central Regions of Ghana.

The move, according to the Bank of Ghana, is to ensure that criminals do not use the rural and community banks as conduits to perpetuate or facilitate illicit financial trade.

RelatedPosts

Ghana’s State-Owned Banks Face IMF Deadline: Recapitalisation Must End by 2025

Ghana’s Banking Industry Battles Rising Defaults from Migrated Medical Practitioners

Absa Bank Ghana Kicks Off Customer Service Week 2025 with Bold Pledge to Make Banking Easier and Faster

ADVERTISEMENT

The Head of Financial Integrity at the Bank of Ghana noted that the continuous use of processes of effective transaction monitoring, would flag and report transactions that are unusual and suspicious. He added that it will also help to prevent criminals from using them as a conduit for money laundering and terrorist financing.

Mr Nkrumah opined that the need for due diligence has become critical to improving financial intelligence, enhancing collaboration, and ultimately sanitizing the financial environment.

The Financial Integrity Head revealed that the Bank of Ghana is making inroads through the engagement of such smaller institutions to support the expansion of Money Laundering and Terrorist Financing risks assessment methodology.

BoG to Educate Banks on goAML

Mr Nkrumah further disclosed that the Bank of Ghana would register such banks on the “GoAML” application platform. The goAML application, he explained, is a fully integrated software solution developed specifically for use by Financial Intelligence Units (FIUs) and is one of UNODC’s strategic responses to financial crime, including money-laundering and terrorist financing. Such reports and other information gathered by FIUs often provide the basis for investigations into money laundering, terrorist financing and other serious offences.

Mr Nkrumah asserted that Ghana over the years, has been compliant with the technical requirements, with emphasis on supervisory and preventive measures.

Ghana, he stated, needed a strong and viable financial systems, and “it was imperative to abide by high standards in the sector to achieve the sustainable regime required for financial stability.”

ADVERTISEMENT

Mr Nkrumah indicated that participants would, therefore, be introduced to Key aspects of Continuous Due Diligence, Population and Submission of Data Capture Returns, Self-assessment questionnaire, “GoAML” architecture, 2020 fraud report, and compliance with the BoG Dormant Account Directive.

The workshop, according to the Bank of Ghana, is aimed at providing these financial institutions with the necessary technicalities on how to detect and combat potential money laundering operations. On how to combat these frauds, insights and procedural solutions were provided by the bank.

It can be recalled that the Central bank earlier in the year indicated that due to the high frequency of money laundering and related activities at microfinance institutions (MFIs), the Central Bank is taking steps to offer special skill training for these smaller banks.

Dr. Joseph France, the Head of the Bank of Ghana’s Financial Stability Department, highlighted the inadequacy of skills and necessary knowledge required to fight these persistent crimes among these financial institutions.

READ ALSO: Bortianor MP Calls for Police Report on 2020 Election Violence

Tags: BoGMr George NkrumahRural and Community Banks
Please login to join discussion
Previous Post

Mergers & Acquisitions, Venture Financing to Accelerate Healthtech Market in Singapore

Next Post

Eni and Sonatrach Ink New Oil Deal to Expand Strategic Partnership

[mc4wp_form id="1264"]

Related Posts

Professor Stephen Kwaku Asare
General News

The More Lawyers, the Better for Rule of Law – Professor Asare Insists on Expansion of Legal Education

October 11, 2025
RSF Strikes Dar Al-Arqam Displacement Centre In El-Fasher
Africa

RSF Strikes Dar Al-Arqam Displacement Centre In El-Fasher

October 11, 2025
GoldBod’s New Aggregation System Targets Smuggling, Boosts Exports 
Extractives/Energy

GoldBod CEO Rejects Claims of Buying Gold from Illegal Miners

October 11, 2025
Ghana’s State-Owned Banks Face IMF Deadline: Recapitalisation Must End by 2025
Banking

Ghana’s State-Owned Banks Face IMF Deadline: Recapitalisation Must End by 2025

October 11, 2025
Western Region Launches Investment Centre to Drive Local Prosperity
General News

Western Region Launches Investment Centre to Drive Local Prosperity

October 10, 2025
Mining consultant Ing. Wisdom Edem Gomashie
Extractives/Energy

Ghana Must Back Mining Reforms with Real Investment – Ing. Gomashie 

October 10, 2025
Professor Stephen Kwaku Asare
General News

The More Lawyers, the Better for Rule of Law – Professor Asare Insists on Expansion of Legal Education

by Evans Junior OwuOctober 11, 2025
RSF Strikes Dar Al-Arqam Displacement Centre In El-Fasher
Africa

RSF Strikes Dar Al-Arqam Displacement Centre In El-Fasher

by Comfort AmpomaaOctober 11, 2025
GoldBod’s New Aggregation System Targets Smuggling, Boosts Exports 
Extractives/Energy

GoldBod CEO Rejects Claims of Buying Gold from Illegal Miners

by Prince AgyapongOctober 11, 2025
Ghana’s State-Owned Banks Face IMF Deadline: Recapitalisation Must End by 2025
Banking

Ghana’s State-Owned Banks Face IMF Deadline: Recapitalisation Must End by 2025

by Stephen M.COctober 11, 2025
Western Region Launches Investment Centre to Drive Local Prosperity
General News

Western Region Launches Investment Centre to Drive Local Prosperity

by Silas Kafui AssemOctober 10, 2025
Mining consultant Ing. Wisdom Edem Gomashie
Extractives/Energy

Ghana Must Back Mining Reforms with Real Investment – Ing. Gomashie 

by Prince AgyapongOctober 10, 2025
Professor Stephen Kwaku Asare
RSF Strikes Dar Al-Arqam Displacement Centre In El-Fasher
GoldBod’s New Aggregation System Targets Smuggling, Boosts Exports 
Ghana’s State-Owned Banks Face IMF Deadline: Recapitalisation Must End by 2025
Western Region Launches Investment Centre to Drive Local Prosperity
Mining consultant Ing. Wisdom Edem Gomashie
[/vc_row_inner]

Recent News

  • The More Lawyers, the Better for Rule of Law – Professor Asare Insists on Expansion of Legal Education
  • RSF Strikes Dar Al-Arqam Displacement Centre In El-Fasher
  • GoldBod CEO Rejects Claims of Buying Gold from Illegal Miners
  • Ghana’s State-Owned Banks Face IMF Deadline: Recapitalisation Must End by 2025
  • Western Region Launches Investment Centre to Drive Local Prosperity
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.