The Bank of Ghana has announced a comprehensive audit of remittance transactions covering the fourth quarter of 2024.
The audit, which is aimed at assessing the remittance process, will also provide recommendations to strengthen the existing regulatory framework.
According to a notice issued by the Bank of Ghana, the audit will evaluate compliance with applicable regulations, including the Foreign Exchange Act 2006, the Payment Services Act 2019, and the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Guidelines.
The Bank of Ghana has reminded market participants of their obligation to comply fully with these regulatory requirements. Strengthening adherence to these guidelines is expected to enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Foreign Exchange Market.
The audit is part of the Bank of Ghana’s efforts to ensure that remittance transactions are conducted in a transparent and secure manner.
The Bank has urged market participants to cooperate fully with the audit process and to provide any necessary information or documentation.
The audit is expected to be completed soon, and the Bank of Ghana will provide further guidance and recommendations to market participants based on the findings.
In the meantime, market participants can contact the Bank of Ghana for further clarification on the audit process.
