The Bank of Ghana (BoG) has warned financial institutions in the country to tighten their security system to check money laundering activities.

The Central Bank’s warning comes on the back of global money laundering developments in recent times.

According to the Head of Banking Supervision at the Central Bank, Raymond Amanfo, financial institutions in the country must be on guard so they do not become conduits.

He said the gains chalked in the country’s financial space will suffer if strict measures are not enforced to police money laundering.

“We will like to caution the banks to place much emphasis on anti-money laundering standards. Your prospective clients must be properly screened and monitored in order to avoid the deposit and transfer of illicit money through our banking system which has serious implications for the country,” Amanfo added.