(1) The following types of identification are acceptable for the purposes of customer due diligence under this Act:

(a) National Identification Card;

(b) Voter Identification Card;

(c) Driver’s Licence;

(d) National Health Insurance Scheme Identification Card;

(e) Passport;

(f) biometrics; and

(g) any other type of identification determined by the Bank of Ghana.

(2) An electronic money issuer who seeks to open an account for an electronic money holder shall adhere to the minimum customer due diligence requirements set out in the Third Schedule.

(3) An electronic money issuer shall subject an over-the-counter transactions customer to the Know Your Customer requirements set out in the Third Schedule.

(4) Where an electronic money issuer has already collected and retained customer identifying information during registration of a Subscriber Identification Module card or bank account, that electronic money issuer

(a) may directly use the information to satisfy relevant customer due diligence requirements set out in the Third Schedule, and

(b) shall confirm the identifying information or obtain new identifying information on onboarding.

(5) Subject to the availability of an integrated national database of identification system, an electronic money issuer shall validate the Subscriber Identification Module card registration against the database of the issuing authority of the identification document before activating the electronic money account.

(6) An electronic money issuer shall conduct verification of customer information to appr0priately manage material risks of error, fraud and breaches of applicable rules and principles with regard to anti-money laundering and combating the financing of terrorism.

(7) An electronic money issuer who fails to comply with subsection (6)

(a) is liable to pay to the Bank of Ghana an administrative penalty of two thousand penalty units, and

(b) shall rectify the violation and report to the Bank of Ghana within ten days.