Mr Richard Addai Denteh, Deputy Ashanti Regional Manager of the Bank of Ghana (BOG), had called on banks in the country to join the global crusade to fight money laundering.
He asked them to be alert and “think behind every large transaction”, to find out if it was out of context with the pattern of account opened or business, determine whether deposits were too regular for legitimate trading to take place as well as strange large cash transaction that were offered in place of cheques and drafts.
He said any suspicion should be reported to the head offices of the banks concern to decide on what action to take.
Mr Denteh was speaking at the opening of two Western Union Money Transfer service points of the ECOBANK Ghana Limited at Abrepo Junction and Ashanti New Town in Kumasi.
He noted that money laundering tends to create imbalance in national income and for that matter the balance of payment preparations.
The Deputy BOG Regional Manager told the banks to remember: “The most successful money launderers are apparently respectable and they include Accountants, Company Directors and even Bank Managers.”
The laundering, he said, came in three effective operational stages which included placement of cash, undertaking multiple transactions which confused the
audit trail and separated money from its origin and integration to make it look like normal business funds.
Mr Alfred Sakyi, the branch manager of ECOBANK, noted that in its relatively short period of operation in Kumasi, it had made tremendous impact and pledged continued quality service to its customers.
The two newly opened service points were dedicated by the Right Reverend Daniel Yinkah Sarfo, Anglican Bishop of Kumasi.
Source: GhanaWeb
