December 8, 2011  

http://vibeghana.com/2011/12/08/er-rural-banks-calls-for-sensitisation-on-anti-money-laundering/

The Eastern Regional Chapter of the Association of Rural and Community Banks (RCBs) has called on the ARB- Apex Bank Limited, to sensitise the banks on anti-money laundering and terrorist financing.

The association also urged the ARB Apex Bank to appoint an Anti-Money Laundering officer within the RCBs structure.

This was contained in a communiqué issued in Koforidua on Wednesday after a day’s seminar on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

The communiqué, which was read by Mr Festus Ofosu, Executive member of the association, appealed to the ARB Apex Bank to liaise with the Financial Intelligence Centre (FIC), to fight money laundering in Ghana and appoint Anti-Money Laundering (AML)/ FIC liaison officer.

“All RCBs are to appoint AML compliance officers with names submitted to ARB- Apex Bank Limited.”

It called on the FIC to organise similar seminars throughout the country to train managers.

It expressed the need for non-governmental organisations and other institutions to benefit from FIC training to create awareness in the fight against money laundering.

“Individuals indentified as Politically Exposed Persons (PEPs) must be considered as such throughout his or her life.”

It urged boards/management to be notified promptly when a PEP is identified so as to make the decision whether to continue the business relationship with such a customer or not.

“Banks must have a risk based approach to AML/CFT.

“This approach should analyse Know Your Customers and Know Your Employees profile for customers and make a classification by level of risk-low, moderate and high.

“Employees of low and moderate risk may be engaged but high risk employees are unacceptable.” GNA