Regulatory Alerts2025-01-21
Designation of Entity Compliance Officers for AML
The Non-Bank Financial Institutions Regulatory Authority of Botswana requires all specified non-bank financial institutions to designate a management-level AML/CFT compliance officer by February 12, 2016. The designated officer must be a fit and proper person with sufficient independence, resources, and authority to implement internal compliance programs, report suspicious transactions, and ensure ongoing staff training. Institutions must document the officer's role, submit their details for regulatory assessment, and return a signed acknowledgement form by January 12, 2016 to avoid steep statutory penalties.
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