The Bank of Ghana (BoG) has announced that commercial banks and authorised institutions involved in the sale and purchase of the Ghana Gold Coin (GGC) are required to implement robust Anti-Money Laundering/ Countering the Financing of Terrorism (AML/ CFT) checks, including monitoring for any red flags that could indicate suspicious activity.
The central bank said this when asked about the measures that have been put in place to ensure that the proceeds from the sale of GGC are not linked to criminal activities.
The BoG indicated that it has implemented stringent Anti-Money Laundering/ Countering the Financing of Terrorism (AML/ CFT) measures to ensure that the issuance of gold coins does not promote ,money laundering. "All transactions shall be routed through banks where customers have been subjected to thorough Know Your Customer and Customer Due Diligence checks and sources of funds are proven.
In addition, transaction monitoring and reporting of suspicious activities frameworks shall be in place. "All buyers will be required to undergo identity verification, and transactions will be subject to limits that trigger additional scrutiny if exceeded.