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National Anti-Money Laundering and Countering the Financing of Terrorism (Aml/Cft) Risk Assessment of Ghana

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National Anti-Money Laundering and Countering the Financing of Terrorism (Aml/Cft) Risk Assessment of Ghana NATIONAL ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) RISK ASSESSMENT OF GHANA AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) RISK LAUNDERING ANTI-MONEY NATIONAL NATIONAL ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) RISK ASSESSMENT OF GHANA NATIONAL ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) RISK ASSESSMENT OF GHANA (REVIEWED, 2018) Forward enquiries, comments and recommendations to [email protected] CONTENT INTRODUCTION xii OBJECTIVES xii METHODOLGY xii LIMITATIONS xiii EXECUTIVE SUMMARY xiv CONCLUSION xvi CHAPTER 1 MONEY LAUNDERING (ML) RISK ASSESSMENT 1 THREAT ASSESSMENT 1 METHODOLOGY 1 LIMITATIONS 1 THREAT ASSESSMENT ANALYSIS 1 FRAUD 1 STEALING (THEFT) 2 BRIBERY AND CORRUPTION 2 COCOA SECTOR 4 HOTEL SECTOR 5 EXTRACTIVE SECTOR 5 ROBBERY 6 DRUG TRAFFICKING 6 HUMAN TRAFFICKING 6 MIGRANT SMUGGLING 7 TAX EVASION 7 THREAT ASSESSMENT CONCLUSION 8 CHAPTER 2 NATIONAL VULNERABILTY ASSESSMENT 9 METHODOLOGY 9 LIMITATIONS 9 VULNERABILITY ASSESSMENT ANALYSIS 9 POLICY IMPLEMENTATION 11 CRIMINALISATION OF MONEY LAUNDERING 12 STR DATA, RECEIPT, ANALYSIS AND DISSEMINATION 13 INDEPENDENCE AND INTEGRITY OF FINANCIAL CRIME INVESTIGATORS 14 INDEPENDENCE AND INTEGRITY OF PROSECUTORS 14 INDEPENDENCE AND INTEGRITY OF THE JUDICIARY 15 CAPACITY OF FINANCIAL INVESTIGATORS 16 CAPACITY OF FINANCIAL CRIME PROSECUTORS 16 CAPACITY OF THE JUDICIARY 17 ASSET FORFEITURE LAWS 17 CAPACITY OF ASSET FORFEITURE INVESTIGATORS 18 INDEPENDENCE AND INTEGRITY OF ASSET FORFEITURE INVESTIGATORS 18 ASSET FORFEITURE ORDERS 18 INTERNATIONAL COOPERATION IN ASSET FORFEITURE 19 DOMESTIC COOPERATION 19 V NATIONAL RISK ASSESSMENT - 2018 INTERNATIONAL COOPERATION IN CRIMINAL MATTERS 20 CRIMINAL PENALTIES 20 AUDITING AND ACCOUNTING STANDARDS AND PRACTICES 21 IDENTIFICATION INFRASTRUCTURE 22 AVAILABILITY OF INDEPENDENT INFORMATION SOURCES 23 CORPORATE AND TRUST TRANSPARENCY 23 TAX DISCLOSURE 24 FINANCIAL INTEGRITY 24 INFORMAL ECONOMY 25 OVERALL SECTOR VULNERABILITY 25 PRIORITY AREAS 29 CONCLUSION 30 RECOMMENDATIONS 30 CHAPTER 3 BANKING SECTOR 31 INTRODUCTION 31 GENERAL INPUT VARIABLES 31 AML/CFT LAWS AND REGULATIONS (PREVENTIVE MEASURES) 31 THE QUALITY OF SUPERVISION REGARDING THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING 32 MARKET PRESSURE TOWARDS ADHERENCE TO THE AML/CFT STANDARDS 32 COMMITMENT TO GOOD CORPORATE GOVERNANCE 33 PENALTIES 33 ENFORCEMENT OF AML/CFT OBLIGATIONS 33 BANK STAFF INTEGRITY 33 BANK STAFF KNOWLEDGE 34 COMPLIANCE FUNCTION 34 BANKS’ MONITORING, DATA COLLECTION & RECORD KEEPING SYSTEMS 34 CORPORATE AND TRUST TRANSPARENCY 35 IDENTIFICATION INFRASTRUCTURE 35 AVAILABLE INDEPENDENT SOURCES 35 INPUT VARIABLES FOR SELECTED PRODUCTS AND SERVICES 36 ASSUMPTIONS FOR PRODUCTS INPUT VARIABLES ASSESSMENT 36 PRODUCT VOLUME 36 AVERAGE TRANSACTION SIZE OF PRODUCT 37 PRODUCT CLIENT PROFILE 37 AVAILABILITY OF INVESTMENT/DEPOSIT FEATURE 37 LEVEL OF CASH ACTIVITY 38 INTERNATIONAL MONEY TRANSFER FEATURE AND FREQUENCY OF INTERNATIONAL TRANSFER 38 OTHER VULNERABLE FACTORS – (TAX HAVENS, PEP STATUS, OFFSHORE CENTERS, HIGH RISK JURISDICTIONS, ANONYMOUS TRANSACTIONS, NON-FACE-TO-FACE) 39 EXISTENCE OF SPECIFIC AML/CFT CONTROLS FOR PRODUCT/SERVICE 39 PRODUCT VULNERABILITY SCORE 39 PRESENTATION OF ANALYSIS AND FINDINGS OF SELECTED PRODUCTS/SERVICES 40 INTERNET BANKING 41 INTERNATIONAL MONEY TRANSFER 41 DOMESTIC MONEY TRANSFER 42 ELECTRONIC BANKING 42 CURRENT ACCOUNTS 42 SAVINGS ACCOUNTS 42 FIXED DEPOSITS 42 CASH COLLECTION SERVICES 43 VI NATIONAL RISK ASSESSMENT - 2018 FOREIGN EXCHANGE ACCOUNTS 43 FOREIGN CURRENCY ACCOUNTS 43 MOBILE MONEY SERVICES 43 WEALTH MANAGEMENT/PRIVATE BANKING 43 MORTGAGE LOANS 44 TREASURY INSTRUMENTS 44 INVESTMENT ACCOUNTS 44 TRADE FINANCE SERVICES 44 LOANS AND ADVANCES 44 NBFI CLEARING SERVICES 44 GEOGRAPHIC RISK ASSESSMENT 45 BANKS SANCTIONS COMPLIANCE PROGRAMMES 46 CONCLUSION AND RECOMMENDATIONS 46 CHAPTER 4 SECURITIES SECTOR VULNERABILITY 47 INTRODUCTION 47 AML/CFT QUALITY CONTROLS 48 AML/CFT LEGAL FRAMEWORK 48 SEC LICENSING FRAMEWORK 48 AML/CFT INSPECTIONS 48 AML/CFT RESPONSIBILITIES OF SEC 49 MANAGEMENT OVERSIGHT AND ACCOUNTABILITY, POLICIES AND PROCEDURES, RECORD KEEPING AND RETENTION, DETECTION AND REPORTING OF STRS, KYC/CDD, DESIGNATION OF AMLROS, MONITORING PROCEDURES, AML TRAINING AND EDUCATION, MANAGEMENT INFORMATION AND REPORTING AND AML/CFT RISK ASSESSMENT 49 SUBMISSION OF STATUTORY REPORTS 49 REGULATORS FORUM 49 OFF-SITE INSPECTION FRAMEWORK 49 GENERAL INPUT VARIABLES 49 COMPREHENSIVENESS OF AML LEGAL FRAMEWORK 50 EFFECTIVENESS OF SUPERVISION PROCEDURES AND PRACTICES 50 AVAILABILITY AND ENFORCEMENT OF ADMINISTRATIVE SANCTIONS 50 AVAILABILITY AND ENFORCEMENT OF CRIMINAL SANCTIONS 50 AVAILABILITY AND EFFECTIVENESS OF ENTRY CONTROL 50 INTEGRITY OF STAFF IN SECURITIES FIRMS 50 AML KNOWLEDGE OF STAFF IN SECURITIES FIRMS 50 EFFECTIVENESS OF COMPLIANCE FUNCTION (ORGANIZATION) 51 EFFECTIVENESS OF SUSPICIOUS ACTIVITY MONITORING AND REPORTING 51 LEVEL OF MARKET PRESSURE 51 AVAILABILITY AND ACCESS OF BENEFICIAL OWNERSHIP INFORMATION 51 AVAILABILITY OF RELIABLE IDENTIFICATION INFRASTRUCTURE 51 AVAILABILITY OF INDEPENDENT INFORMATION SOURCES 51 PRESENTATION OF ANALYSIS USING THE WORLD BANK EXCEL TEMPLATE 51 INHERENT VULNERABILITY VARIABLES 52 TOTAL VALUE /SIZE OF THE INSTITUTION TYPE 52 COMPLEXITY AND DIVERSITY OF THE PORTFOLIO OF THE INSTITUTION TYPE 52 CLIENT BASE PROFILE OF THE INSTITUTION TYPE 52 EXISTENCE OF INVESTMENT/DEPOSIT FEATURE 52 LIQUIDITY OF THE PORTFOLIO 52 FREQUENCY OF INTERNATIONAL TRANSACTIONS 52 OTHER VULNERABLE FACTORS 53 PRESENTATION OF FINDINGS 53 VII NATIONAL RISK ASSESSMENT - 2018 GENERAL FINDINGS FROM THE SURVEY 53 CAPACITY BUILDING 53 PROCEDURE(S) FOR TACKLING SUSPICIOUS TRANSACTION REPORT 53 REVIEW OF AML/CFT POLICIES AND PROCEDURES 53 GOVERNANCE AND BOARD’S RESPONSIBILITY 54 ML/TF RISK ASSESSMENT 54 KNOW YOUR CUSTOMER POLICY, FREQUENCY OF CLIENT IDENTITY AND VERIFICATION 54 MONITORING CLIENTS’ TRANSACTIONS 55 MONITORING TRANSACTIONS OF POLITICALLY EXPOSED PERSONS 55 INDEPENDENT TESTING OF AML/CFT COMPLIANCE PROGRAM 55 SUBMITTING SUSPICIOUS TRANSACTION REPORT TO FIC 55 CONCLUSION 55 RECOMMENDATIONS 56 CHAPTER 5 INSURANCE SECTOR 58 INTRODUCTION 58 NON-LIFE COMPANIES 58 LIFE COMPANIES 58 AGENTS 58 INSURANCE BROKERS 59 REINSURANCE BROKERS 59 LOSS ADJUSTER 59 REINSURERS 59 INDUSTRY PERFORMANCE 59 AML MONITORING CONTROLS 60 SUBMISSION OF STATUTORY REPORTS AND DOCUMENTS 60 LEVEL OF STAFF KNOWLEDGE OF AML/CFT 60 STAFF INTEGRITY 60 POLITICALLY EXPOSED PERSONS (PEPS) AND OTHER RISKY CUSTOMERS AND TRANSACTIONS 60 CUSTOMER PROFILING AND MONITORING SYSTEMS 60 SUPERVISORY AUTHORITY 60 QUALITY OF AML CONTROLS 61 PENALTIES 62 ENFORCEMENT OF AML OBLIGATIONS 62 STAFF INTEGRITY 62 STAFF KNOWLEDGE 63 COMPLIANCE FUNCTION 63 AML MONITORING SYSTEMS 63 CORPORATE AND TRUST TRANSPARENCY 63 IDENTIFICATION INFRASTRUCTURE 63 AVAILABILITY OF INDEPENDENT INFORMATION SOURCES 63 PRESENTATION OF ANALYSIS AND FINDINGS OF SELECTED PRODUCTS/SERVICES 64 PRODUCTS OF INSURANCE COMPANIES 64 PRODUCT INPUT VARIABLE ASSESSMENT 64 PRODUCT VOLUME 64 AVERAGE TRANSACTION SIZE 64 CLIENT PROFILE 65 AML/CFT SPECIFIC CONTROLS 65 LIFE PRODUCTS 65 FUNERAL 65 MORTGAGE PROTECTION POLICY 65 GROUP POLICIES 65 VIII NATIONAL RISK ASSESSMENT - 2018 TERM 65 NON-LIFE PRODUCTS 66 MOTOR INSURANCE 66 FIRE AND BURGLARY 66 ACCIDENT 66 WORKERS’ COMPENSATION AND EMPLOYER’S LIABILITY INSURANCE 66 GOODS IN TRANSIT 67 MARINE AND AVIATION 67 CONTRACTS OF INSURANCE AGAINST 67 TRENDS, GAPS IN AML MEASURES, BENEFICIAL OWNERSHIP SITUATIONS AND WHETHER STRs ARE FILED 67 EXISTENCE OF ADMINISTRATIVE SANCTIONS 67 CONCLUSION 67 INSURANCE SECTOR RECOMMENDATIONS 68 CHAPTER 6 OTHER FINANCIAL INSTITUTIONS VULNERABILITY. 69 INTRODUCTION 69 INDUSTRY PERFORMANCE 70 QUALITY OF AML CONTROLS 70 BUREAU DE CHANGE 71 COMPREHENSIVENESS OF AML LEGAL FRAMEWORK 71 EFFECTIVENESS OF SUPERVISION/OVERSIGHT ACTIVITIES 71 AVAILABILITY AND ENFORCEMENT OF ADMINISTRATIVE SANCTIONS 71 AVAILABILITY AND ENFORCEMENT OF CRIMINAL SANCTIONS 71 MARKET ENTRY 71 INTEGRITY OF BUSINESS/INSTITUTION STAFF 71 AML KNOWLEDGE OF BUSINESS/INSTITUTION STAFF 71 EFFECTIVENESS OF COMPLIANCE FUNCTION 71 EFFECTIVENESS OF SUSPICIOUS ACTIVITY MONITORING AND REPORTING 72 AVAILABILITY AND ACCESS TO BENEFICIAL OWNERSHIP INFORMATION 72 AVAILABILITY OF RELIABLE IDENTIFICATION INFRASTRUCTURE 72 AVAILABILITY OF INDEPENDENT INFORMATION SOURCES 72 ELECTRONIC MONEY ISSUERS & AGENTS 72 COMPREHENSIVENESS OF AML LEGAL FRAMEWORK 72 EFFECTIVENESS OF SUPERVISION/OVERSIGHT ACTIVITIES 72 AVAILABILITY AND ENFORCEMENT OF ADMINISTRATIVE SANCTIONS 72 AVAILABILITY AND ENFORCEMENT OF CRIMINAL SANCTIONS 72 MARKET ENTRY 72 INTEGRITY OF BUSINESS/INSTITUTION STAFF 73 AML KNOWLEDGE OF BUSINESS/INSTITUTION STAFF 73 EFFECTIVENESS OF COMPLIANCE FUNCTION 73 EFFECTIVENESS OF SUSPICIOUS ACTIVITY MONITORING AND REPORTING 73 AVAILABILITY AND ACCESS TO BENEFICIAL OWNERSHIP INFORMATION 73 AVAILABILITY OF RELIABLE IDENTIFICATION INFRASTRUCTURE 73 AVAILABILITY OF INDEPENDENT INFORMATION SOURCES 73 FINANCE HOUSE 73 COMPREHENSIVENESS OF AML LEGAL FRAMEWORK 73 EFFECTIVENESS OF SUPERVISION/OVERSIGHT ACTIVITIES 73 AVAILABILITY AND ENFORCEMENT OF ADMINISTRATIVE SANCTIONS 73 AVAILABILITY AND ENFORCEMENT OF CRIMINAL SANCTIONS 74 MARKET ENTRY 74 INTEGRITY OF BUSINESS/INSTITUTION STAFF 74 IX NATIONAL RISK ASSESSMENT - 2018 AML KNOWLEDGE OF BUSINESS/INSTITUTION STAFF 74 EFFECTIVENESS OF COMPLIANCE FUNCTION 74 EFFECTIVENESS OF SUSPICIOUS ACTIVITY MONITORING AND REPORTING 74 AVAILABILITY AND ACCESS TO BENEFICIAL
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