Employ internal security measure to help fight cybercrime – BoG Governor to banks

Cyber risk high due to increase in online banking, Dr Addison

BoG governor urges banks to embrace technology to compete in fintech

Implement comprehensive and stringent KYC – Dr. Addison to Banks

Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has urged banks to put in place internal security measures to help stop cybercrime incidences.

According to Dr. Addison, although the central bank has provided policies and guidelines to help stop cybercrime, banks and other financial institution must also play their role.

Speaking at the commissioning of the head office annex of Republic Bank, the governor said, “Banks must also be proactive and strengthen internal risk management frameworks, as well as build a robust and secure digital infrastructure to forestall cybercrime incidences.”

He added that Banks must also implement “comprehensive and stringent” Know Your Client (KYC) so they would have good knowledge of the people they deal with.

“These will help prevent suspicious customers from pursuing fraudulent activities, including money laundering, terrorist financing and credit fraud, through the banking sector,” he added

The governor explained that cyber risks were now high particularly due to the increase usage of online banking.

Also, Dr Addison said banks must put in measures to keep up with the global advancement in technology and growth of fintechs in the financial services sector.

“In line with the objective of customer centralism, we expect that financial digitisation will shape the banking business to compete with the fintechs in the payment systems space. Hence, there is the need for adoption and diffusion of technology in every sphere of banking sector operations,” he urged.

Read Dr Ernest Addison's remarks below: