Forex Bureau to lose license if it sells or buys more than $10,000 per transaction

• Posted on February 6, 2014
• by Nana Kwesi Coomson
• Comment

The Bank of Ghana has threatened to sanction or revoke the licenses of Forex Bureaus who fail to comply with new operating procedures governing their operations.

The new additional procedures will see your Forex Bureau demanding an ID from you before embarking on a transaction for you.

This is because; the central bank per the additional rules requires that the Forex Bureau keep electronic records of all purchases and sales.

The records are to include the name of customer, date of transaction, amount purchased or sold and the proof of identity such as Passports, Voter’s ID, National ID and Driver’s license.

Your Forex Bureau will also lose its license if it sells or buys more than 10,000 US dollars or its equivalent per transaction to you.

They will also have to submit the required monthly returns electronically to the Bank of Ghana within 5 working days after the end of the month.

No manual returns shall be accepted after April 30, 2014.

Meanwhile, all receipts of your transactions are to be issued electronically issuing of manual receipts will cease after April 30 2014.

The Forex Bureaus are also to computerize their operations by adopting the certified software approved by Bank of Ghana by April 30, 2014.

-citifmonline