The Bank of Ghana is urging banks and all players in the financial services sector to boost their technological investments to combat the increasing incidents of fraud in the banking industry. This measure aims to bridge the technology gap between bankers and certain customers, thereby addressing the menace effectively.

Head of Financial Stability at the Bank of Ghana, Dr. Joseph France, emphasized that conducting risk assessments is crucial to safeguard the banking sector. He spoke to journalists after participating in the opening of a three-day Enterprise-wide Risk Assessment training organized by the Ghana International Bank.

Furthermore, the Bank of Ghana is committed to strengthening its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime and actively engaging in the global fight against cross-border financial crime. The national authorities are creating a conducive environment that promotes sound management of financial crime risk by financial intermediaries.

Over the past decade, efforts at the national level have been directed towards enhancing legal and regulatory frameworks, innovation, domestic and cross-border cooperation, among other measures, to address deficiencies identified during successive national risk assessments and mutual evaluations.

Recent interventions have resulted in the development of a national AML/CFT policy, including the review of the national risk assessment, the enactment of a consolidated anti-money laundering law, and strengthening the Financial Intelligence Center with essential resources.

On the regulatory front, the Bank of Ghana has successfully completed several national-level initiatives. These encompass implementing a risk-based supervision approach, introducing a sanction regime, issuing AML/CFT & P guidelines for accountable institutions to utilize the Ghana Card for due diligence processes, and providing supervisory guidance notes in this regard since the previous year.