ANTI-MONEY LAUNDERING: BANKS ASKING FOR ID WHEN DEPOSITING CHEQUES IS AN OVERKILL
According to the banks, there is a Bank of Ghana (BOG) directive that all third-party transactions in the banking hall must be supported by an identification (ID) of the party undertaking the transaction. This stems from the Anti-Money Laundering Act, 2020 (Act 1044) , and the December 2022 BOG Guidelines for banks with respect to Anti-Money Laundering, Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction ( AM L/CFT&P guideline). The Customer Due Diligence (CDD) procedure (identification and verification) under the AML/CFT&P guideline for example requires that Accountable Institutions, including banks, take reasonable steps to obtain sufficient identification data and to verify the identity of third parties either making deposits or withdrawal on behalf of their customers. Our anti-money laundering laws, no doubt, have been sponsored by developed countries, and we must be mindful that our economies are differen...