The objective of this document is to provide guidance to sanctions that may be imposed on a bank or Specialized Deposit-Taking Institution (SDI) regulated by the Bank of Ghana for contraventions of the Anti-Money Laundering Act 2008, (Act 749) as amended, AML Regulations, 2011 (LI 1987) and other relevant regulations and directives/guideline issued by the Bank of Ghana or/and the Financial Intelligence Centre (FIC).

The penalties outlined in this document are administrative in nature and may be imposed on banks and SDIs in the event of a breach of the relevant laws, directives and guidelines or contraventions reported by the Financial Intelligence Centre or other relevant law enforcement agencies.

This document has been formulated in accordance with the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended, Anti-Terrorism Act, 2008 (Act 762) as amended, Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Guideline for Banks and Non-Bank Financial Institutions (AML/CFT Guideline) and Banks and Specialized Deposit -Taking Institutions (SDI) Act, 2016 (Act 930) as well as the FATF Revised Recommendations.