CUSTOMER IDENTIFICATION AND ELECTRONIC RECEIPT REQUIREMENTS FOR FOREIGN EXCHANGE (FOREX) TRANSACTIONS


As part of measures to enforce compliance with the 2006 Foreign Exchange Act, (Act 723), the provisions of the Anti-Money Laundering Act, 2020 (Act 1044) as amended, and further to previous Notices issued by Bank of Ghana (BOG NOTICES: BG/GOV/SEC/2003/2; BG/GOV/SEC/2014/01; BG/GOV/SEC/2018/16), the Bank of Ghana reminds the General Public that, the laws enjoin Foreign Exchange (Forex) Bureau operators and their customers to comply with the following Know Your Customer (KYC) and electronic receipt requirements:

  1. Customers are required to provide valid identification (ID) document for every purchase or sale of foreign exchange (forex).

    Note: Reference to Bank of Ghana NOTICE NO. BG/GOV/SEC/2022/01, the only valid ID for all financial transactions in Ghana, includingforeign exchange transactions, is the Ghana Card (Ghanaians) or foreign passport (foreigners).

  2. Foreign exchange (forex) bureau operators are required to issue electronic receipt for every sale or purchase of foreign exchange (forex). Customers should insist on their receipts accordingly.

Violations are punishable under the foreign exchange and anti-money laundering laws and regulations of Ghana.


Bank of Ghana urges the general public to report any violations to:

Financial Stability Department
Market Conduct Office
0302665005
complaints.office@bog.gov.gh
0596912354 or 0501502270
7th Floor, Cedi House, Accra