BoG suspends forex trading licence of Consolidated Bank of Ghana

The Bank of Ghana has suspended the forex trading license of the Consolidated Bank of Ghana (CBG) for a period of one month, beginning November 26, 2024.

The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that CBG has instituted effective controls to ensure strict adherence to the foreign exchange market regulations.

This is as a result of a number of breaches of the foreign exchange market regulations, Updated Guidelines for Inward Remittance Services for Payment Providers dated November 2023 and the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline, for Accountable Institutions in Ghana dated December 2022, which have come to the attention of Bank of Ghana.

In a notice dated November 12, 2024, signed and issued by the Secretary of BoG, Sandra Thompson, the Bank of Ghana cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.

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Attached below is a copy of the notice

SUSPENSION OF FOREIGN EXCHANGE TRADING LICENCE OF CONSOLIDATED BANK GHANA

Bank of Ghana has suspended the Foreign Exchange Trading License of Consolidated Bank of Ghana (CBG with effect from November 26, 2024, for a perod of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

This is as a result of a number of breaches of the foreign exchange market regulations, Updated Guidelines for Inward Remittance Services for Payment Providers dated November 2023 and the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline, for Accountable Institutions in Ghana dated December 2022, which have come to the attention of Bank of Ghana.

The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that CBG has put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

By this statement, the Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.