Kokomlemle, Accra, Ghana. Thursday, 20th January 2022: Board of Directors and management staff of Hubtel undertook anti-money laundering compliance training in accordance with its regulatory obligations under the Anti-Money Laundering Act, 2020 (Act 1044).   

In addition to meeting the company’s regulatory obligations, the training was also crucial to raise awareness of the negative impact of money laundering and terrorist financing on society, the economy, the organization, our customers, and employees.

Hubtel recognizes the risk that financial companies are exposed to, such as terrorist financing. The Anti-Money Laundering procedures will provide a guide to protect the vulnerability of our industry by facilitating accurate and reliable KYC. We believe that investing in such compliance is a good investment in our customers’ trust and loyalty, which are values that we cherish.

The e-Crime Bureau and officers of the Financial Intelligence Centre (FIC) led the team through a three-part session to cover various important topics. e-Crime Bureau is a cybersecurity and investigations firm that has provided unparalleled cyber security, digital forensics training, capacity building, and other investigation-related consultancy services to organizations in various sectors since 2011.

Some of the areas highlighted include:  

• Overview of Anti-Money Laundering and Terrorist Financing  
• Situational Analysis of Money Laundering – Ghana in Perspective  
• Money laundering risks associated with fintech  
• Know Your Customer Procedures & Best Practices  
• Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)  
• Risked-based approach to Anti-Money Laundering / CFT for Fintech  
• Transaction Monitoring in Fintech 
• AML / CFT in Ghana –– Legal & Regulatory Framework  
• Sanctions for AML Compliance Breaches  
• Anti-Money Laundering Reporting (Suspicious Transactions Report [STRs] 
• AML Data Solutions for Fintech 

On behalf of the board of directors and management staff, Cornelis Rouloph Otoo, Head of Legal and Corporate Affairs, pledged the company’s continued commitment to staying compliant and continually engaging regulatory agencies to safeguard the security of the company, its customers, and the economy at large. 

With an increasing number of financial terrorism cases in our society, financial institutions must be well-equipped with the necessary resources to mitigate the economic impact.

We are increasingly looking for long-term relationships with compliance institutions and professionals so that our team can provide solutions to any new and unexpected demand for checks or related services.