Bank of Ghana serves notice to punish institutions violating Foreign Exchange Act

The Bank of Ghana (BoG) says it has come to its attention that some Banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) continue to violate the Foreign Exchange Act, 2006 and the Updated Guidelines for Inward Remittance Services by Payment Service Providers, despite several cautions and reminders. […]