The Bank of Ghana has placed a one-month suspension on the forex trading license of the Consolidated Bank of Ghana (CBG). The suspension is to take effect from November 26, 2024, a statement signed by the Secretary of BoG, Sandra Thompson said.
The suspension comes as a result of a number of breaches in regard to the foreign exchange market regulations. According to the BoG, CBG’s license will be restored after the one month, in case they comply with the regulations.
It has also advised various financial entities to comply strictly to regulations on the foreign exchange market.
Read full statement below:
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.
Source: Dehotpress
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