Cash Alert Policy
Cash Alert Policy
We consistently strive to provide you with the best financial services and ensure the utmost security and compliance standards in all our operations.
What is Cash Alert?
Cash Alert is a comprehensive control system implemented to enhance the security and compliance measures associated with cash deposits into customers' accounts. This protocol requires supporting evidence for cash deposits that fall within specified thresholds before they are credited to the respective accounts.
Why Cash Alert?
The primary objectives of Cash Alert are as follows:
Regulatory Compliance: It further strengthens our adherence to Anti-Money Laundering (AML) requirements and aligns our activities with the prescribed Group standards.
Up-to-date KYC: It helps us maintain current and accurate Know Your Customer (KYC) information for all our clients.
Client convenience: Reducing the need for post-deposit document requests that might inconvenience our valued clients.
Cash Alert Thresholds:
The Cash Alert policy incorporates two threshold levels:
First Level: This relates to cash deposits that require at least verbal information about the source of funds from qualifying depositors. This ranges from GHC 80,000 to 150,000 for various segments of retail clients and GHC 240,000 to GHC 500,000 for Large Corporates.
Second Level: This relates to cash deposits that necessitate mandatory physical evidence from qualifying depositors. This ranges from GHC 160,000 to 300,000 for various segments of retail clients and GHC 450,000 to GHC 800,000 for Large Corporates
For any additional information or clarification regarding specific threshold limits, please do not hesitate to contact your Relationship Manager, call our contact center or visit any of our branches for assistance.
Exempted Cash Deposits (White-list):
Certain commercial/business clients have been pre-approved and exempted from the Cash Alert thresholds due to the frequency and volume of their cash deposits. These clients are primarily from SME and corporate customers. Individual clients are not part of the whitelist
It's essential to note that the Cash Alert policy does not apply to cash collection services, as the source of funds is already known.
For any additional information or clarification regarding this new policy, please do not hesitate to contact your Relationship Manager or visit any of our branches for assistance.