The Bank of Ghana (BoG) has directed all licensed Forex Bureaux in the country to electronically capture all forex transactions and issue receipts.
This forms part of six (6) directives the central bank issued as part of measures to enforce compliance by all licensed Forex Bureaux with the Forex Bureau Regulations.
The central bank has also made it mandatory for the Forex Bureaux to demand customers’ valid national identification or other valid personal ID such as Voter’s ID, Passport or Driver’s Licence when engaging in forex transactions.
It has further directed that all licensed Forex Bureaux comply with the provisions of the Data Protection Act, 2012 (Act 843) and register with the Data Protection Commission of the Ministry of Communications.
A statement from the BoG cautions all Forex Bureaux and the general public to comply adding “Failure to comply with this Notice shall attract penalties, including pecuniary sanctions, suspension and revocation of licence in accordance with the Foreign Exchange Act 2006, (Act 723).”
Source: 3news.com | Ghana