Richieson Gyeni-Boateng

As we begin the year 2020, institutions should put in place measures to determine the risk their customers pose to them. This is because, in today’s emerging risks and challenges of doing business, financial institutions...

There is no single method of laundering money; it may involve other individuals, businesses and companies. However, one constant remains: The funds need to be washed. Precious gems are often smuggled, stolen and traded in black markets in countries around the world and then used in money laundering schemes.

I once had a customer who wanted to close his bank account just because he got to know that the bank had classified his account as a Politically Exposed Person (PEP). This was because he thought the bank perceived him as a corrupt politician. After explaining the meaning of who a PEP is and why the bank classified him as such for its internal processes, he appreciated it and continued to do business with the bank.

Have you ever wondered, why there are lot of car dealership garages in Ghana and everywhere you pass in major cities in Ghana someone is selling a car? It is because there is no entry barrier and the industry is unregulated. A friend who brought a vehicle from the USA to sell in Ghana was surprised when a potential buyer called him and offered to pay for the full cost of the vehicle in cash (which is the norm). I believe we can all relate with this practice and do not see anything wrong with it. Many will ask, “what is the big deal in this; after all the asking price for the vehicle is what the buyer is offering”. There is everything wrong with this transaction and one need to ask questions when there are suspicions.

There is this betting company in the area where I live and any time there is a big football match going on, the place is packed with football lovers and enthusiasts. They literally block the road...

Gone are the days in Ghana when students and/ or parents will have to queue for hours, if not the whole day, just to get banker’s draft (Payment Order) from a particular bank to pay...

For one to get connected and successful in life, one needs to be educated, but getting education can be very expensive and time consuming. Many have lost the opportunity to be educated because they (parents...

I used to have a client who is a professor when it comes to art, paintings and antiques. He paints one portrait and makes millions out of it and that really fascinated me so much that I started doing some research into the Art, paintings and antiques industry. I discovered that the painting industry in Ghana is very small and young but elsewhere in the world, it is a huge industry which contributes significantly to the economy of these countries. The USA economy in 2014 and 2015 benefited US$730 billion and US$763.6 billion respectively from the Art, Paintings and Antiques sector(1). US$12 billion (£9.2 billion) was contributed to the UK GDP in 2016 from the Art and Painting sector(2) with Singapore’s Art and Painting contributing S$2.13 billion to the GDP in 2013(3).

Can I use your bank account details to receive my salary or money from a friend? Can I use your accounts details to transfer money abroad? Can we use your private (personal) account details for a business transaction? I believe we are familiar with these questions and have even been victims in the past before? If yes, then you might have been a money mule and could have been jailed for helping to launder money for a criminal. Global mule networks form the primary way to siphon proceeds of crime money through the banking ecosystem in an attempt to avoid detection and capture.