The Bank of Ghana (BoG) has warned banks, specialized
deposit-taking institutions and the general public to comply with the law
regarding third-party identification involving deposits and withdrawals.
With this, the BoG expects every individual withdrawing and depositing money on
behalf of another to provide every necessary personal detail needed to see the
transaction through.
Banks and Specialized Deposit-Taking institutions are also expected to ensure
these details are provided, or otherwise deny undertaking the transaction for
any customer who fails to provide the necessary information.
Pursuant to Section 23(7) of the Anti-Money Laundering Act 2008, (Act 749) as
amended, all Banks and Specialized 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.
It is on the back of this provision that the BoG has said all third parties
making deposits into or withdrawals from an account other than their own, shall
provide the name and address of the third party, verifiable identification card
and a telephone number of the third party to the requisite bank or specialized
deposit-Taking institution.
This was contained in a statement released by the Bank of Ghana on Wednesday,
September 3, and signed by its Secretary, Frances Van-Hein Sackey.
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