Regulatory Alerts2024-01-01
Financial Institutions (Agent Banking) Regulations, 2024
The Central Bank of Lesotho has issued the Financial Institutions (Agent Banking) Regulations, 2024 to establish a comprehensive licensing and operational framework for banks appointing agents as cost-effective delivery channels. The regulations mandate strict eligibility criteria, real-time transaction settlement, enhanced risk management, and anti-money laundering compliance for both principal banks and licensed agents. It grants the Commissioner supervisory powers to monitor compliance, impose penalties, and revoke licenses while ensuring consumer protection, data security, and broader financial inclusion across Lesotho.
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