In these Regulations unless the context otherwise requires;

"anti-money laundering reporting officer" means a person appointed under regulation 5;

"beneficial owner" means

(a) a natural person who ultimately controls a client;

(b) the person on whose behalf a transaction is being conducted; or

"client" means a person engaged in an activity with an accountable institution;

"due diligence" means

(a) verification of a client by an accountable institution;

(b): identification of the client and verification of that client's identity using reliable identity documents as stipulated in these Regulations;

(d) obtaining information on the purpose and intended nature of the business relationship; or

(e) the conduct of ongoing scrutiny of the business relationship and transactions in the business relationship;

"Egmont Group of Financial Intelligence Units" means the informal 'international gathering of financial intelligence units formed to provide a forum for financial intelligence units around the world to improve co-operation in the fight against money laundering and financing of terrorism;

"embassy" includes a High Commission;

"foreign company" means an association of legal persons incorporated outside the country which has legal personality or enjoys a similar status in terms of which it may enter into contractual relations and legal proceedings in its own name;

"identity document" includes the following:

(a) birth certificate,

(b) baptismal certificate,

(d) an immigration document,

(e) a valid passport,

(f) a valid driver's licence,

(g) a valid residence permit,

(h) a certificate of acquired citizenship,

(i) a voter identification card; and

(j) a National Health Insurance Card;

"mailing address" includes electronic mail address;

"national identity card" means an identity card with a personal identification number issued by the relevant identification body for purposes of identification of a person to whom, the card is issued;

"permanent resident" means a person who has been granted a permit by the Ghana Immigration Service to reside in the country indefinitely in accordance with the Immigration Act, 2000 (Act 573); personal information" means information that relates to the personal particulars of a person;

"politically exposed person" includes a

(a) head of state,

(b) head of government,

(d) senior public official,

(e) senior military officer,

(f) senior officer of a public corporation,

(g) high rank political party official,

(h) an artificial politically exposed person, and members of the family of the politically exposed person and close partners and associates of the politically exposed person;

"reference account" means an account for which the beneficiary is not known to the bank;

"residence permit" means a permit granted to a foreign national who intends to remain in the country for a substantial period which shall in the first instance not exceed four years and may be extended;

"Security Agencies" means security agencies specified in the Security and Intelligence Agencies Act,1996 (Act 526);

"specified person" means a category of persons stipulated by the Centre;

"utility bill" includes a bill for

(a) water,

(b) electricity, or

"unusual" means a matter that is suspicious and has an unusual pattern because it is inconsistent with the client's profile and does not have an economic or legal explanation.