WHO WE ARE
The Investigation and Consumer Reporting Office (ICRO) is the financial industry watchdog office of the Bank of Ghana (BOG), with responsibility for protecting consumers of financial products/services and educating them on their rights and responsibilities. It is an office within the Banking Supervision Department (BSD).
WHY WE ARE HERE
In line with the Mission Statement of BOG, ICRO was established with the broad objective of promoting Confidence, Discipline and Harmony in the Banking Industry.
WHO AND WHOM WE REGULATE
By Law, all Banks and Non-Bank financial institutions must be licenced by the Bank of Ghana. Once they are licenced, we ensure that they follow the bank's rules and regulations as well as the laws of the land. These laws include:
- Banking Act 673, 2004
- PNDCL 328
- Companies Code
- Bank of Ghana Notices/Directives on the financial sector.
FORMS OF REGULATED COMPANIES
The institutions we regulate include:
- All Banks:
- Major banks
- Rural/Community banks.
- Non-Bank Financial Institutions (including Forex Bureaux Savings & Loans Companies).
- We guarantee the satisfaction of consumers of financial products and services. Specifically, we are:
- To receive customers' complaints, petitions and grievances for redress.
- To serve as the main watchdog body in the banking industry responsible for guaranteeing high quality services by banks.
- To protect the rights of customers and to serve as an advisory body for educating customers on their rights and responsibilities.
- To instill price and monetary discipline in the industry.
- To receive and review fraud and defalcation reports from banks for the sake of determining the sophistry, nature and scope of bank/financial frauds, the frequency of these frauds and culprits involved.
- To investigate all forms of complaints and alleged irregularities between and among parties in the banking industry.
- To maintain a database of ex-bank employees who were either dismissed or were made to resign for fraudulent purposes, to prevent their recycling in the industry.
The ICRO functions under three units:
- Consumer Reporting Unit (CRU) – Responsible essentially for consumer education and for redress of consumer complaints.
- Fraud Investigation Unit (FIU) – Responsible for investigations of inter- and intra-bank frauds, defalcations and embezzlements.
- Enforcement and Surveillance Unit (ESU) – Responsible for financial intelligence and collaboration with the security agencies, maintenance of a database of dismissed employees of banks and for determining early warning signals in the banking systems and flagging problem banks.