Regulatory Alerts2025-01-21
Simplified Due Diligence for Non-Bank Financial Institutions (Guidance Note 1 of 2021)
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) of Botswana issued this guidance to standardize the application of simplified customer due diligence (SDD) for non-bank financial institutions. NBFIs must conduct risk assessments to identify low-risk customers, products, and transactions eligible for reduced identification requirements while maintaining continuous monitoring. The framework mandates clear procedures for identifying beneficial owners, managing high-risk exclusions, and terminating relationships when sufficient due diligence cannot be obtained.
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