GCB Bank’s Linus Kumi hails stricter UBO rules, Ghana Card integration

Linus Kumi, Head of Corporate Banking at GCB Bank, praised stricter Ultimate Beneficial Owner (UBO) identification and national ID integration, describing them as crucial for financial transparency and combating illicit activities.

Speaking at the Afreximbank Compliance Forum in Dakar, Kumi highlighted Ghana’s shift to a 5% UBO disclosure threshold, emphasizing the penalties for non-compliance.

He supported integrating financial and property data with Ghana’s national ID to streamline processes. Kumi also advocated for stronger intra-African trade partnerships under AfCFTA, noting the importance of incentivizing SMEs to provide necessary information while addressing data privacy concerns.