CBG's Forex Trading License Suspended for One Month Over Regulatory Breaches
Accra, Ghana - Nov 12, 2024 - The Bank of Ghana has taken swift action against Consolidated Bank Ghana (CBG), suspending its Foreign Exchange Trading License for one month, effective November 26, 2024. This decision was made in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), citing multiple violations of foreign exchange market regulations.
Reasons for Suspension
The suspension stems from CBG's breaches of foreign exchange market regulations, including:
- Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023
- Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana dated December 2022
Conditions for Reinstatement
The Bank of Ghana has stated that CBG's license will be restored at the end of the suspension period if the bank implements effective controls to ensure strict adherence to foreign exchange market regulations
Warning to Forex Market Participants
The Bank of Ghana has also cautioned all foreign exchange market participants to comply strictly with applicable forex market regulations and guidelines to avoid similar enforcement actions in the future.
Source: Lead News Online
