The Bank of Ghana (BoG) on Tuesday October 8, 2019 ordered the closure of Aero Cash forex bureau operated by two Nigerians in Dzorwulu, Accra.
The closure follows failure by the operators of the forex bureau to provide relevant documents to the Bank of Ghana to establish the legality of their operations.
A team from the Other Financial Institutions Supervision Department of the Bank of Ghana, on routine checks, realized that the operating license of the forex bureau had expired.
The forex bureau also changed location without prior notice and approval by the Central bank and was operating without residential and work permit.
Head of the operations, Adjoa Konadu Torto ordered the operators to shut the business immediately and report to the Bank of Ghana October 9, 2019 for further investigations and action.
The latest routine checks is part of the efforts by the central bank to regulate the flow of foreign currency in the country and also to ensure that the country’s financial laws are not breached.
In a related development, as a measure to sensitize the financial sector, the Bank of Ghana, has introduced new directives to regulate the activities of Forex Bureaux in Ghana.
Accordingly, a statement sighted by ghanatalksbusiness.com has been issued by Bank of Ghana to Forex Bureaux and the general public.
It states “as part of measures to enforce compliance by all licensed Forex Bureaux with the Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723), and the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended, the Bank of Ghana announces for the information of all licensed Forex Bureaux and the General Public, the following;
- All purchases and sales of forex must be captured electronically and receipted accordingly by licensed Forex Bureaux.
- All customers must provide valid national identification or other valid personal ID such as Voter’s ID, Passport or Driver’s License when engaging in forex transactions with Forex Bureau.
- All licensed Forex Bureaux must submit the required monthly returns electronically to the Bank of Ghana within five (5) working days after the end of the month.
- All licensed Forex Bureaux must complete and submit a license renewal questionnaire two (2) months before the expiration of the current license. The questionnaire must be submitted together with the following attachments:
- Copy of Tax Clearance Certificate
- Copy of Insurance Certificate
- Extract of Audited Accounts
- Bank Statements
- Proof of filing of Annual Returns at the Registrar General’s Department
- All licensed Forex Bureaux must comply with the provisions of the Data Protection Act, 2012 (Act 843) and must register with the Data Protection Commission of the Ministry of Communication as a key requirement for annual license renewal.
- Any person found transacting business with an unlicensed Forex Bureau or illegal forex dealers shall be dealt with in accordance with the Laws of Ghana.
The Bank of Ghana further cautioned that failure to comply with the latest notice shall attract penalties, including pecuniary sanctions, suspension, and revocation of license.