The Bank of Ghana (BoG) has introduced that by its objective to making sure security economic system the National Identification Card also known as Ghana Card will be the sole identification card for all financial transactions from July 2022.
According to BoG, the public is to note that no different shape of identification will be universal for economic transactions after the high-quality date.
“In furtherance of its goal of making sure the security of the financial system, Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111), hereby directs that with effect from 1st July, 2022, the Ghana Card shall be the solely identification card that will be to undertake transactions at all Bank of Ghana licensed and regulated monetary institutions,” the Secretary to BoG, Sandra Thompson disclosed.
These Financial institutions consist of Banks, Specialized Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers and Forex Bureaus and Credit Reference Bureaus.
The BoG additionally indicated that in line with the 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 economic establishments shall take steps to update client documents with the Ghana Card.
“Customers of Bank of Ghana regulated financial institutions are therefore counselled to replace their data with their respective economic institutions with the Ghana Card in line with this Notice.
“For KYC purposes, the National Identification Authority verification transaction platform will be built-in into the Bank of Ghana’s financial monitoring platform,” she added.
According to her, this is to make certain that all monetary transactions carried out within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators or beneficiaries for track and hint purposes.
This shall additionally include however no longer confined to transactions by banks, Non-bank Financial Institutions and Mobile Money Operators (MMOs).