The Bank of Ghana and the Financial Intelligence Centre have unveiled sweeping new rules aimed at curbing illicit financial flows through the country’s foreign exchange bureaux, placing the sector under some of the most stringent oversight yet.
The 40-page directive, issued in September 2025 and effective immediately, replaces a 2024 notice and mandates tighter controls in a market long seen as vulnerable to money laundering and terrorist financing. At its core, the framework elevates the Ghana Card as the primary identification tool, a move regulators say is essential to “detect, prevent, and mitigate” financial crime.
“Foreign Exchange Bureaux, in particular, have come under sustained regulatory scrutiny,” the guideline notes, underscoring the central bank’s new role as supervisory authority with enforcement powers. Bureaux are now required to adopt a risk-based approach and embed what officials call a “culture of compliance.”
A central pillar of the regime is customer due diligence. Bureaux must display notices (BG/GOV/SEC/2025/36) informing clients that a valid Ghana Card is mandatory. For transactions of $10,000 or more, operators must capture card details and biometrically verify identities.
The rules extend to politically exposed persons, or PEPs. Bureaux must “take measures to identify that the customer is a PEP,” while stressing that the requirement “shall not be interpreted as stigmatising all PEPs as being involved in criminal activity.” Transactions with sanctioned individuals, whether flagged by domestic or international authorities, are prohibited. Suspicious Transaction Reports must be filed within 24 hours.
Governance is another focus. Each bureau must appoint an Anti-Money Laundering Reporting Officer, approved by the Bank of Ghana, to serve as liaison with regulators. Outsourcing compliance functions is barred without prior approval.
Operational mandates are equally exacting: only approved money-counting machines may be used; electronic receipts are compulsory; and all transactions must run through a centralized management system. Annual independent audits of compliance programs are required, with reports due by April 30. Weaknesses must be corrected within 45 days.
Employee vigilance is also emphasized. The directive introduces “Know Your Employee” procedures and requires annual training programs, to be submitted to regulators by December 31. Staff who fail to attend central bank or FIC sessions face sanctions. A strict “tipping off” ban prohibits employees from revealing that a report has been filed with the FIC.
Reporting thresholds are also tightened. Cash Transaction Reports must be filed for amounts above 20,000 Ghana cedis. More strikingly, the guideline removes any threshold for suspicion: “All suspicious transactions are to be reported regardless of the amount involved.” Notes accompanying the directive warn bureaux to watch for customers reluctant to provide documentation or engaging in large transactions without clear explanations.
Record-keeping requirements mandate that all customer and transaction data be preserved for at least five years. Non-compliance will trigger penalties under Act 1044 and the Bank of Ghana/FIC Administrative Penalties Guidelines of 2022.
The measures mark a significant escalation in Ghana’s bid to align with international standards and shield its economy from illicit financial flows. With foreign exchange bureaux now on the frontline, regulators are signaling that compliance is no longer optional, it is the price of participation in the financial system.
