Regulated financial institutions includes: Money Transfer Operators (MTOs), Payment Service Providers (PSPs) (like FinTechs), universal banks, and non-bank financial institutions such as leasing companies and microfinance institutions that engage in remittance activities.
Ensuring A Clear Remittance Ecosystem Awesome Stuff
The Ghana Remittance Regulatory Commission (GRRC) coordinates at the international level with financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and policies for financial institutions. We work to make payment systems accessible, reliable, and fair. We promote competition, innovation, and protection for payment system users worldwide.
Financial crime and sanction breaches are a critical risk for remittance payment processors. Hence, through collaboration with our global partners, we provide a Tier 1 screening solution that adheres to global guidelines to identify potential risks. Our regulatory frameworks cover vital AML/CFT aspects,including terminating of remittances through unapproved channels, cross-border cash transports, bearer negotiable instruments, and financial transactions.
The GRRC has identified instances where remittance services have been utilised by third parties to facilitate transactions suspected of comprising illicit financing. In our commitment to create a risk free remittance environment for financial institutions and users. We have established a straightforward process to recover lost funds, illegal money remittance, money laundering, terrorist financing as well as managing dispute resolutions worldwide.
We ensure that a healthy payment system infrastructure exists in a country. In the absence of oversight, payment systems become disruptive and have effects on economic activities, monetary policies and financial transactions. To minimise disruptions, we protect payment systems and institution against risks such as credit, legal and operational risks, while their ability to withstand shocks that may arise in the domestic or international financial markets is strengthened.
The GRRC regulated financial institutions includes: Money Transfer Operators (MTOs), Payment Service Providers (PSPs) (like FinTechs), universal banks, and non-bank financial institutions such as leasing companies and microfinance institutions that engage in remittance activities.
Foundational control over global payment system quality
Our objective is to provide an effective process to monitor and assess the compliance of the payment systems with the obligations imposed under their respective operational rules, in particular the safety and efficiency requirements, on a continuing basis.
We Are Here For You
The bedrock of every international business transaction is a transfer of assets in the form of currency, instruments or other goods or. As that we have deviced regulations through our partners to ensure that national and international money transfers are safe, secure and conducted lawfully, to help prevent transactions associated with fraud, money laundering and the funding of illegal activities.
Licensing documentation relating to banking and non-banking financial business
The scope of activities that a financial institution can undertake is limited, there are capital requirements to lower the risk, interest rate caps to protect customers and reporting requirements for supervision and transparency, amongst many others. All this regulation aims to protect the stability of the economy, protect the position of the customer and achieve desired societal outcomes. Our regulatory licensing experts have extensive experience working on licensing applications and many also bring a strong background in compliance and risk management to enable an even and a thriving financial services market, for the good of consumers and the economy.
Reporting suspicious activities considered an offence under Act to competent authorities
To avoid facilitating illegal activities, financial institutions and certain other obliged entities need to run anti-money laundering checks when onboarding new clients or monitoring existing clients. GRRC compliance officers help employees of an obliged entity to detect and monitor money laundering, as well as report to competent authorities any transactions which are required to be reported under anti-money laundering reporting requirements. Individuals other than the obliged entities are also encouraged, but not obliged, to inform the competent authorities of any suspicious activities.
Compliance with (AML/CTF) regulations on large transactions
The GRRC has regulated effective anti-money laundering and combating the financing of terrorism (AML/CFT) policies and measures through our global partners, which are key to the integrity and stability of the international financial system and member country’s economies. Providers may require additional documentation for higher amounts to ensure compliance. The regulation is primarily for anti-money laundering (AML) and counter-terrorism financing (CTF) purposes and includes, for example, know-your-customer requirements and a limit on the amount that can be transferred.
Confiscation, termination and return of transactions transferee institutions
Asset forfeiture is a powerful legal mechanism utilised by governments and law enforcement agencies to seize and permanently confiscate assets connected to organised crime and prevent future criminal activities. Remittance transactions need to be transparent to gain trust, while accessible to a wide range of businesses and service-users. The GRRC through our global partnership program has deviced asset recovery policy and operational priority to safeguard the integrity of the global financial system and improve outcomes for victims and communities.
— Licensing, Reports, And Capital Requirements —
Ensuring a safe and secure international money transfers
Our goal is to promote competition and innovation and to ensure payments systems are operated and developed in the interests of the people and businesses. The measures we have set out recognise that payment systems are be resilient, competitive, dynamic and respond to the needs of the people and businesses using them.
Due Diligence
Compliance
Monitoring
AML Regulations