Forex Bureaux to demand voters ID, passport or driver’s licence before transactions

A visit to the forex bureau to exchange one currency for another will require one to provide valid identification including voter’s ID, passport, a national identification card or a driver’s licence.

The directives according to the Bank of Ghana (BoG) are aimed at providing an audit trail of the forex traders’ business history and secure the country against financial crimes.

The central bank also wants forex bureau operators to complete and submit a licence renewal questionnaire two months before the expiration of their licences with the questionnaire expected to be submitted together with a copy of a tax clearance certificate.

A copy of insurance certificate and extract of audited accounts, bank statements and proof of filing of annual returns at the Registrar General’s Department are also expected to be attached to the required documents.

The central bank also directs all purchases and sales of forex to be captured electronically and receipted accordingly by licensed Forex Bureaux.

Licensed Forex Bureaux are also to 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 licence renewal.

They are also to adhere to 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).

Failure to heed the instructions will lead to penalties including pecuniary sanctions, suspension and revocation of licence in accordance with the Foreign Exchange Act 2006, (Act 723), the released notice held.