The Ghana Card will be the sole form of identification for banking or financial transactions beginning July 1, 2022, according to the Bank of Ghana.
This is in pursuit of its goal of guaranteeing the financial system’s safety.
The Central Bank said in a statement that the action is in accordance with Regulation 7 of the National Identity Register, 2012. (L.I. 2111).
In this regard, the BoG has directed that Banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, as well as Forex Bureaus and Credit Reference Bureaus, begin using the Ghana Card for identification as of July 1, 2022.
“In line with this Notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987), all financial institutions shall take steps to update customer records with the Ghana Card”, the regulator of the banking industry mentioned.
Furthermore, “customers of Bank of Ghana regulated financial institutions are therefore advised to update their records with their respective financial institutions with the Ghana Card in line with this notice.”
The Central Bank further said that the National Identification Authority verification transaction platform would be incorporated into the Bank of Ghana’s financial monitoring platform for Know Your Customer purposes.
This is done to guarantee that all financial transactions completed inside the ecosystem are tied to a single identity and information, as well as unique codes for transactions shared with the BoG to aid in the identification of initiators/beneficiaries for track and trace purposes.
It will include, but not be limited to, bank, non-bank financial institution, and mobile money operator transactions (MMOs).
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SOURCE: myjoyonline
