Curbing money laundering in Ghana: Financial firms to monitor employee’s bank accounts

Ghana’s new anti-money laundering guideline has given financial institutions, especially banks the mandate to monitor the bank accounts of their employees.

This is to enable the employer sense any signs of a potential money laundering.

“Financial institutions shall monitor their employees’ accounts for potential signs of money laundering,” stated the guideline, launched January 3, 2012 by the Bank of Ghana (BoG) and the Financial Intelligence Centre (FIC).

It also gives the banks a go ahead to subject their employees’ accounts to the same anti-money laundering procedures outlined in the guidelines which is also applicable to other customers’ accounts.

“They are also required to subject employees’ accounts to the same AML/CFT procedures as applicable to other customers’ accounts. This is required to be performed under the supervision of the AML/CFT Reporting Officer,” said the guideline titled “Anti-money laundering/ Combating the financing of terrorism (AML/CFT).

It adds the latter’s own account is to be reviewed by the Chief Internal Auditor or a person of adequate or similar seniority.

Compliance reports including findings are to be rendered to the BoG and the FIC at the end of June and December every year, according to the guideline.

By Ekow Quandzie