Regulatory Alerts2022-01-01
Credit Information Regulations, 2022
The Bank of Botswana, acting under the Credit Information Act 2021, has promulgated regulations to establish a comprehensive licensing and regulatory framework for credit bureaus. The rules mandate standardized application procedures, specify licensing fees of P5,000 and P20,000 annually, and require bureaus to maintain detailed registers, submit bi-annual complaint reports, and ensure accurate data provision by financial entities. Furthermore, the regulations standardize adverse action notifications, establish a formal complaint mechanism with a mandatory 90-day investigation period, and empower the Bank to issue enforcement notices and summon senior management for compliance examinations.
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