Regulatory Alerts2022-02-28
Financial Intelligence Act 2022
The Parliament of Botswana enacted the Financial Intelligence Act 2022 to re-establish the Financial Intelligence Agency and re-constitute the National Coordinating Committee on Financial Intelligence. The legislation mandates accountable institutions to conduct risk assessments, implement comprehensive customer due diligence programmes, maintain accurate records, and report suspicious or high-value cash transactions. It introduces enhanced and simplified due diligence protocols, prohibits anonymous accounts and shell banks, and empowers the Agency to analyse information, refer cases, and exchange data with domestic and international authorities.
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