Ghana AML & Sanctions Compliance - ANQA

Ghana AML & Sanctions Compliance

Navigate Ghana's evolving financial regulatory landscape with Anqa's comprehensive compliance solutions designed for West Africa's emerging financial hub.

Regulatory Framework

Ghana's AML/CFT framework is primarily governed by the Anti-Money Laundering Act, 2020 (Act 1044) and the Anti-Terrorism Act, 2008 (Act 762), with regulations issued by:

  • Financial Intelligence Centre (FIC) - Financial sector supervision
  • Bank of Ghana (BoG) - Banking sector regulation
  • Securities and Exchange Commission (SEC) - Capital markets oversight
  • National Insurance Commission (NIC) - Insurance sector regulation

FATF Status

★ ★ ★ ★ ★
Largely Compliant

Ghana has made significant progress in strengthening its AML/CFT regime. The country is largely compliant with FATF Recommendations, with particular focus on financial sector supervision, STR reporting, and international cooperation. Ghana's regulatory framework continues to evolve to address emerging risks and maintain its position as a leading financial center in West Africa.

Compliance Requirements

Core Obligations

  • CDD/KYC: Enhanced due diligence required for high-risk customers, including PEPs and complex structures. Risk-based approach with specific requirements for different customer types.
  • Transaction Monitoring: Automated systems required for monitoring suspicious patterns. Threshold-based monitoring for specific transaction types.
  • Record Keeping: Maintain records for at least 5 years after cessation of relationship.
  • Reporting: Submit suspicious transaction reports (STRs) within 15 days of forming suspicion. Report all cash transactions above GHS 10,000 (CTRs).
  • Risk Assessment: Implement documented risk assessment approaches at customer, product, and institutional levels.

Key Challenges

  • Regulatory Complexity: Multiple regulatory bodies with overlapping jurisdictions and evolving requirements.
  • Digital Innovation: Rapid growth of mobile money and fintech requiring adaptive compliance approaches.
  • Beneficial Ownership: Complex corporate structures and nominee arrangements create challenges in identifying and verifying ultimate beneficial owners.
  • Cross-Border Transactions: High volume of international transactions requiring sophisticated screening.
  • Regulatory Expectations: High standards for compliance programs and risk management.

Sanctions Considerations

Ghana implements UN Security Council resolutions and maintains its own sanctions regime. The country has sophisticated screening requirements, particularly for cross-border transactions and correspondent banking relationships. Financial institutions must implement specialized handling for defense-related transactions and heightened screening for transactions involving high-risk jurisdictions.

As a growing financial hub, Ghana faces increasing pressure to balance local regulatory requirements with global sanctions compliance expectations, particularly in trade finance and mobile money services.

Key Compliance Challenges

Understanding the unique obstacles facing financial institutions in Ghana

1

Regulatory Complexity

Ghana's financial system is regulated by multiple authorities including FIC, BoG, SEC, and NIC, each with their own AML/CFT requirements, creating a complex compliance landscape for financial institutions operating across different sectors.

2

Mobile Money Services

The rapid growth of mobile money services requires careful management of new payment channels while ensuring compliance with both AML regulations and data protection requirements.

3

Beneficial Ownership

Complex corporate structures and nominee arrangements create challenges in identifying and verifying ultimate beneficial owners, particularly in the extractive industries and real estate sectors.

4

Sanctions Compliance

Ghana's position as a regional financial hub requires sophisticated sanctions screening capabilities, particularly for trade finance, mobile money, and correspondent banking relationships.

5

Regulatory Expectations

Ghanaian regulators maintain high expectations for AML/CFT compliance, requiring sophisticated transaction monitoring systems, regular independent audits, and continual enhancements to address emerging risks.

6

Reputational Risk

Ghana's position as a leading financial center in West Africa creates heightened reputational risks for institutions operating in the jurisdiction, with potential AML/CFT violations attracting significant regulatory attention and media coverage.

Anqa's Approach for Ghana

Our comprehensive AML solution tailored for Ghana's evolving regulatory requirements and diverse financial landscape.

1

Digital KYC & Onboarding Platform

Electronic KYC integration with Ghana's national ID system, centralized repository, and enhanced due diligence workflows for high-risk customers.

2

Customer Risk Assessment Engine

Five-dimensional risk classification aligned with FIC guidelines with behavior-driven risk adjustments for Ghana's diverse financial ecosystem.

3

Sanctions & Watchlist Screening

Screening against FIC and international lists with fuzzy matching optimized for Ghana's diverse naming conventions and continuous rescreening capabilities.

4

Mobile Money Compliance

Specialized compliance tools for mobile money operators with enhanced transaction monitoring and customer verification capabilities.

5

Compliance Workflow Platform

Centralized case management aligned with FIC requirements, complete audit logging, and structured user permissions for complex organizational structures.

6

Deployment & Pricing

No setup fees, modular pricing, cloud-based with scalable licensing (user or transaction-based).

Ghana — AML & Compliance FAQs

  • In Ghana, AML compliance is regulated by the Financial Intelligence Centre (FIC Ghana), working alongside the Bank of Ghana (BoG) and other sector regulators. These agencies oversee anti-money laundering (AML) and counter-financing of terrorism (CFT) obligations for financial institutions, fintechs, mobile money providers, and designated non-financial businesses under the Anti-Money Laundering Act, 2020 (Act 1044).

  • Businesses in Ghana, including banks, fintech startups, and mobile money operators, must implement customer due diligence (CDD), maintain transaction records, monitor for suspicious activities, and submit Suspicious Transaction Reports (STRs) to FIC Ghana. Understanding how to file STRs in Ghana 2025 and adhering to Financial Intelligence Centre Ghana rules are essential for meeting national AML standards and avoiding penalties.

  • An STR must be filed with the Financial Intelligence Centre (FIC Ghana) as soon as suspicious activity is detected, even if the transaction has not been completed. Filing STRs promptly supports Ghana’s efforts to combat financial crime and ensures businesses maintain full Ghana AML compliance. The FIC Ghana provides specific STR filing formats and secure reporting channels to facilitate this process.

  • Yes. Fintechs, electronic money issuers, and mobile money operators must comply with the AML/KYC requirements for fintech startups Ghana issued by the Bank of Ghana and the FIC. Entities must implement comprehensive KYC verification, ongoing monitoring systems, sanctions screening, and submit STRs in line with Ghana’s AML framework.

  • Anqa Compliance empowers Ghanaian businesses by offering scalable AML compliance software solutions. Our platform simplifies KYC onboarding processes, automates transaction monitoring, and facilitates easy STR submission — helping SMEs, fintechs, and regulated businesses meet Ghana AML compliance standards in 2025 and beyond.

Dig Deeper – Country Compliance in Focus

Gain country-specific expertise with Anqa’s tailored AML and sanctions intelligence. Leverage our technology, risk-based strategies, and deep regional knowledge to stay ahead of regulatory expectations.

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