You can’t deposit or withdraw money without these three items – Bank of Ghana warns

The Bank of Ghana (BoG) has directed banks and other specialised deposit-taking institutions to ensure that people who deposit money into and/or withdraw same from accounts that are not theirs provide their “full personal details” to the transacting institution.

In a notice published in the Wednesday edition of the Daily Graphic, the central bank said such persons must provide their “name and address, a verifiable identification card and a telephone number to the requisite bank or specialized deposit-taking institution.”

It said the directive was in compliance with the section 23 of the Anti-Money Laundering Act, 2008 (Act 749), as amended.

The Act seeks to shine transparency on persons engaging in financial transactions in a bid to stem money laundering.

The notice was signed by the Secretary of BoG, Frances Van-Hein Sackey.

It said “in accordance with section 23(7) of the Anti-Money Laundering Act 2008, (Act 749) as amended, all banks and specialised deposit-taking institutions shall require the full personal details of a person who makes a deposit into or withdrawal from an account on behalf of another person.

“Banks and specialised deposit-taking institutions and the general public are to take note and be guided accordingly,” it said.

Graphic Online understands that some of the banks and specialised deposit-taking institutions were complying with the directive prior to the September 4 notice.