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Unclaimed Balances and Dormant Accounts Directive, 2021 🇬🇭

Ghana

Directive bog-ubdad

Unclaimed Balances and Dormant Accounts Directive, 2021

  • Commenced on 1 February 2021
  • [This is the version of this document from 1 February 2021.]

Part I – PRELIMINARY

1. Title

This Directive shall be cited as the Unclaimed Balances and Dormant Accounts Directive, 2021.

2. Application

This Directive is:
a.issued pursuant to Section 92 of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930);
b.applicable to Banks, Rural and Community Banks, Savings and Loans Companies, Finance Houses and Microfinance institutions;
c.applicable to any other deposit-taking institution as may be determined by the Bank of Ghana.

3. Objectives

The objectives of this Directive are to:
(a)operationalise Section 143 of the Banks and Specialised DepositTaking Institutions Act, 2016 (Act 930)
(b)establish processes and procedures for reclaim of funds by Dormant Account Holders or their legal representatives; and
(c)ensure that funds of customers of regulated financial institutions that be…

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