Regulatory Alerts2022-02-21
Guidelines on Identification, Monitoring and Reporting of Suspicious Transactions
The Bank of Botswana has issued these guidelines to direct licensed financial institutions, including banks and money value transfer services, on identifying, monitoring, and reporting suspicious transactions under the Financial Intelligence Act. Institutions must implement risk-based customer acceptance policies, conduct simplified or enhanced due diligence based on assessed risks, and maintain robust ongoing monitoring systems to detect unusual transaction patterns. Upon detecting suspicious activity, entities are required to file timely reports with the Financial Intelligence Agency while maintaining confidentiality against tip-offs and ensuring accurate, up-to-date customer records.
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