In this Act unless the context otherwise requires:

“account” means a facility or an arrangement by which a financial institution does anyone or more of the following;

(a) accepts deposits of currency,

(b) allows withdrawals of currency or transfers into or out of the account,

(c) pays cheques or payment orders drawn on a financial institution or cash dealer by, or collects cheques or payment orders on behalf of, a person,

(d) supplies a facility or an arrangement for a safe deposit box;

“accountant” means a person registered under the Chartered Accountants Act, 1963, (Act 176);

“accountable institution” includes the institutions set out in the First Schedule;

“application data” means a set of instructions which causes a computer system to perform a function when executed on the computer; “auctioneer” means a person registered under the Auction Sales Act, 1989 (P.N.D.C.L. 230);

“authorised officer” means a person authorised by the Centre to perform a function or discharge a duty on behalf of the Centre;

“bank” has the meaning given to it in the Banking Act, 2004 (Act 673);

“Board” means the governing body of the Financial Intelligence Centre;

“business entity” includes

(a) a firm,

(b) an individual licensed to carry out a business,

(d) a partnership, for the purpose of providing a product or service either for profit or non-profit;

“business relationship” means an arrangement between a person and an accountable institution for the purpose of concluding a transaction;

“centre” means the Financial Intelligence Centre established under section 4;

“Chief Executive” means the Chief Executive Officer appointed under section 14;

“computer system” includes an electronic, magnetic, optical, electrochemical or other data processing device, the physical components and any removable storage medium that is connected, to the device or a group of inter-connected or elated devices, one or more of which is capable of

(a) containing data, or

(b) performing a logical, arithmetic or any other function in relation to data;

“Court” means the High Court or Circuit Court;

“currency” means

(a) coins, money or notes of the Republic or of another country that is designated as legal tender and that circulates as and is customarily used and accepted as a medium of exchange in the country of issue,

(b) „travellers‟ cheques or other financial instruments denominated in the currency of Ghana or in foreign currency and

(c) any right to receive coins or notes in respect of a credit or balance with a financial institution or a non-resident;

“data” means a representation of

(a) information,

(b) knowledge,

(d) concepts capable of being processed in a computer system;

“electronic device” means anything or apparatus that is used or capable of being used to intercept a function of a computer system;

“electronic transaction” means a transaction made through an electronic device;

“intelligence agency” means the Internal or External Intelligence Agency established under the Security and Intelligence Agencies Act, 1996 (Act 526);

“entity” means a body corporate or unincorporated, an association or group of persons, a firm or a partnership;

“financial institution” means an entity that undertakes financial intermediation;

“financial instrument” means a physical or electronic document which embodies or conveys monetary value;

“financial intermediation” means a process of transferring funds from one entity to another entity;

“foreign counterpart” means the authority in another country that exercise similar powers and performs similar functions as the Centre;

“game of chance” includes a game other than lotto in which participants risk, in anticipation of winning award on the result of the game which depends on luck and which cannot be determined before the end of the game, pay money for the right to participate in the game; “internal rules” means rules formulated by an accountable institution to enable the accountable institution comply with the reporting requirements of the Centre;

“investigating authority” means a body that is designated by legislation to investigate unlawful activities;

“Minister” means the Minister responsible for Finance;

“non-bank financial institution” means a financial institution that undertakes financial intermediation outside the bank;

“non-governmental organisation” means a civil organisation and includes a community based organisation, religious body and association;

“notary” means a person appointed under the Notaries Public Act, 1960 (Act 26);

“order” means a monitoring order;

“prescribed” means prescribed by Regulations made under this Act;

“proceeds” means property derived from or obtained, directly or indirectly through the commission of an offence;

“property” includes assets of any kind situated in the country or elsewhere whether movable or immovable, tangible or intangible, legal documents and instruments evidencing title of interest in the assets;

“record” means a material on which data is recorded or marked and which is capable of being read or understood by a person, computer system or other device;

“record of identity” means the records maintained by accountable institutions on their clients in accordance with rules and directives issued to the accountable institutions by relevant supervisory bodies;

“Regulations” means Regulations made under this Act;

“religious body” means an association, a body or organisation which professes adherence to a belief in a system of faith or worship or which is established in pursuance of a religious objective;

“Republic” means Republic of Ghana;

“revenue agency” means an agency authorised by law to collect revenue;

“securities portfolio management” means the process of managing the financial assets of a client by a brokerage firm for and on behalf of the client in accordance with selected investment strategy under agreed management principles and regulations;

“serious offence” means an offence for which the maximum penalty is death or imprisonment for a period of not less than twelve months;

“supervisory body” means a body responsible for the supervision of the activities of accountable institutions under this Act;

“suspicious” means a matter which is beyond mere speculations and based on some foundation;

“transaction” includes an act which establishes a right or obligation or gives rise to a contractual or legal relationship between the parties to the contract or legal relationship and any movement of funds by any means with a covered institution; and

“trust and company service providers” means paid professional companies or unpaid persons who hold assets in a trust fund separate from their own assets.