The Bank of Ghana (BoG) has mandated that all banking transactions and foreign currency exchanges must be conducted using the Ghana Card Effective yesterday, August 1st.
This directive is designed to enhance accountability, reduce internet fraud, and combat money laundering within banks and financial institutions.
In an interview with Adom News, security analyst Anthony Quaye expressed support for the new measure, highlighting its potential benefits for national security.
“This initiative will significantly improve the Bank of Ghana’s ability to identify security threats, particularly within the forex bureau sector, It is crucial for forex bureaus to fully embrace and implement these new measures.” he satated.
Mr. Quaye emphasized that the directive will contribute to a more secure financial environment revealing that the new regulations will enhance accountability and help identify vulnerabilities within forex transactions. Forex bureaus need to upgrade their systems to ensure robust implementation of these measures,” he advised.
He also urged the general public to comply with the directive to bolster national security and ensure safer banking practices.
“Compliance with this directive will strengthen the security and integrity of transactions, especially within forex bureaus. It will reduce issues like impersonation and illegal activities, making it easier to track and monitor transactions,” Mr. Quaye added.
According to him, the new requirement will aid in the identification and verification processes, making them more robust and effective.
“This move is highly commendable as it will streamline tracking and monitoring of transactions, providing valuable information and improving overall security against money laundering and other illicit activities,” he concluded.
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Source: Angelina Riley Hayford/ATLFMNEWS
