Forex Bureau operators defy BoG directives to check ID cards of customers

Forex Bureau operators are yet to comply with a directive by the Bank of Ghana asking them to check identity cards of customers before doing business with them and also issue receipts for every transaction.

The BoG three weeks ago served notice to Forex Bureau operators that it was going to reinforce the directives as a way of regulating that sector effectively.

As one of its directives, the BoG in a statement, said 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 Bureaus.

The operators are also required to issues receipt for every transaction.

However checks by Citi Business News revealed that the operators are not complying.

Five Forex Bureaus visited by Citi Business News did not mind doing business without checking an ID card.

One of the cashiers working in a Forex Bureau at Nungua told the Citi Business News team they only check ID’s if the customer requests for a receipt.

“If you don’t want a receipt just bring your money,” she said.

She further told the team she could not even print receipts because her printer wasn’t working.

The second operator located in Adabraka said she knew of the directive but was willing to exchange dollars for cedis without checking an ID.

“I heard it on the radio, it is something we are supposed to do. But you bring the money, “she said.

At our final stop, which was a Forex Bureau in Osu, they were interested in how much we needed to exchange, but not an ID card.

When the team asked if we needed to show an ID, the attendant responded with a question and asked how much we wanted to exchange.

To ensure that its directives are adhered to, the BoG warned that any person found transacting business with an unlicensed Forex Bureau illegal forex dealers shall be dealt with in accordance with the Laws of Ghana.

It said failure to comply with this Notice shall attract penalties, including pecuniary Sanctions, suspension and revocation of license in accordance with the Foreign Exchange Act 2006, (Act 723). All licensed Forex Bureaus and General Public shall note and strictly comply with these directive.

Per the directives all licensed Forex Bureaus must also submit the required monthly return electronically to the Bank of Ghana within five (5) working days after the end of the month. Again, all licensed Forex Bureaus 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 a Copy of Tax Clearance Certificate, Copy of Insurance Certificate, Extract of Audited Accounts, Bank Statements and Proof of filing of Annual Returns at the Registrar General’s Department. The BoG added that all licensed Forex Bureaus 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 lice.

Source: Citi Business News

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.