Anti-Money Laundering specialist appeals to BoG

Wisam Suhyini Hamza, an Anti-Money Laundering Specialist, has urged the Bank of Ghana (BoG) to reconsider its suspension of Consolidated Bank Ghana's (CBG) Foreign Exchange Trading Licence.

He noted that while the suspension addresses regulatory non-compliance, imposing administrative monetary penalties might have been a more effective alternative.

The BoG cited CBG's failure to adhere to guidelines on Inward Remittance Services (2023) and Anti-Money Laundering/Combating the Financing of Terrorism (2022) as reasons for the action.

Hamza highlighted the broader economic impact of license suspensions and recommended that such measures be used as a last resort.

Referring to the Foreign Exchange Act 2006, he suggested progressive enforcement, starting with penalties, and called for detailed deficiency notices to help other institutions proactively address compliance issues.