Regulatory Alerts2022-04-25
Financial Intelligence Regulations 2022
The Minister of Finance and Economic Development issued these regulations to mandate specified parties in Botswana to conduct customer due diligence for transactions of at least P10,000 and implement comprehensive identity ascertainment and verification processes for natural persons, corporations, partnerships, and trusts. The framework requires entities to apply risk-based enhanced or simplified due diligence measures, maintain up-to-date customer particulars, and retain all relevant records for a minimum of twenty years. Furthermore, the regulations establish strict reporting obligations for cash transactions, suspicious activities, and wire transfers while mandating robust internal compliance programmes and group-wide supervision mechanisms.