User:LANSLORD

FRAUD (MOBILE MONEY) Wrongful or criminal deception intended to result in financial or personal gain, also if a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities. Because of fraudulent activities Bank of Ghana require that client doing business with the banks should be well known (KYC), this also prevent money laundry and other illegal activities in the financial sector. Now let’s look at how sim card is acquired in Ghana, an agent goes to the Mobile Network office and purchase the SIM cards using his ID card, he/ she registers all the SIM cards in his/ her name and starts to sell it out. Anytime one want to buy a SIM card from an agent, they usually ask if you want already registered SIM or you have your ID card to register? You and I know which one will the fraudulent person will go for. The principle of caveat venditor cautions that the seller is responsible for any problem that the buyer might encounter with a service or product. If the Seller is to be held responsible per the above statement, why can’t he/ she be held responsible if someone is defrauded with his/ her SIM? I strongly believe that if proper attention is given to the Mobile Money businesses in Ghana most online crime will be reduced. I can also say that Bank of Ghana is not monitoring the mobile businesses properly.

WHY BANK OF GHANA CAN NOT FIGHT MONEY LAUNDRY Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. In short, making illegal money appearing legal or making dirty money appear clean. Now if the already registered SIM card user decide to put money above Two thousand Ghana cedis (GH¢2,000.00) daily on his/ her card, It required that he uses E-Switch card to take it out. The E-switch card too has an option to push the money from the card to your bank accounts.

Ladies and gentlemen, let’s take this as part one