Regulatory Alerts2019-01-01
Financial Institutions (Anti-Money Laundering and Combating of Financing of Terrorism) (Amendment) Regulations 2019
Governor Retšelisitsoe Matlanyane of the Central Bank of Lesotho issued these 2019 amendments to strengthen anti-money laundering and counter-terrorist financing frameworks by formally defining financial integrity as the safety, soundness, and reputation of banks and the broader financial system. The regulations mandate that financial institutions report suspicious activities adversely affecting this integrity to the Commissioner using a prescribed Financial Integrity Report format, while granting liability protection to staff who report in good faith. Furthermore, banks must implement clear reporting policies and maintain adequate management information systems to ensure timely and accurate data reaches directors, compliance officers, and dedicated personnel.