The Bank of Ghana (BoG) has suspended the foreign exchange trading license of the Consolidated Bank Ghana (CBG) for one month, starting November 26, 2024.
This suspension follows multiple violations of foreign exchange regulations, as outlined in BoG’s updated Guidelines for Inward Remittance Services for Payment Providers (November 2023) and Anti-Money Laundering/Combating the Financing of Terrorism & Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guidelines (December 2022).
The BoG’s official notice, issued on November 12, 2024, and signed by Secretary Sandra Thompson, emphasized that CBG’s license will be reinstated only if the bank implements effective controls to ensure compliance with all foreign exchange regulations.
The BoG also cautioned all foreign exchange market participants to rigorously adhere to these regulations and guidelines.
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