Regulatory Alerts2025-01-21
Guidance Note on Prominent Influential Persons
Issued by the Non Bank Financial Institutions Regulatory Authority (NBFIRA), this guidance mandates that Specified Parties apply risk-based enhanced due diligence to Prominent Influential Persons, their family members, and close associates. The document defines these high-risk clients as individuals holding or having held senior public functions in Botswana or abroad, requiring financial institutions to verify source of wealth and funds, secure senior management approval, and conduct ongoing monitoring. Implementing these targeted controls allows institutions to effectively mitigate money laundering and corruption risks while maintaining a proportionate, risk-based approach.
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