BOTSWANA GETS TOUGH ON MONEY LAUNDERING: KNOW YOUR CUSTOMER REQUIREMENTS TAKEN SERIOUSLY

Government of Botswana Implements Financial Intelligence (Amendment) Act 2019

GABORONE, BOTSWANA - The Government of Botswana has implemented the Financial Intelligence (Amendment) Act 2019 and its Regulations to combat money laundering and other financial crimes. As part of these regulations, the Botswana Public Officers’ Medical Aid Scheme (BPOMAS) is now required to obtain and verify a prospective customer’s identity, address, and source of funds before establishing a business relationship or carrying out a transaction.

Compliance with Know Your Customer (KYC) Regulations

Introduction of KYC Form

In compliance with these regulations, BPOMAS has introduced a Know Your Customer (KYC) form that requires individuals to provide detailed information about themselves. The form must be completed in block letters and signed by the prospective customer.

Required Information on KYC Form

• Name
• Date of birth
• Marital status
• Occupation
• Source of income
• Address

Documentation Requirements

In addition to completing the KYC form, prospective customers are also required to provide documentation to support their identity and source of funds.

Required Documents

• A certified copy of a valid identification document (Omang for citizens and passport for foreign nationals)
• Proof of residential address (utility bill, lease agreement, title deed, letter from Kgosi, or affidavit)
• Proof of source of income and occupation (payslip, letter of employer, or bank statement)

Declaration and Liability

The prospective customer is required to declare that all the information provided is true, correct, and binding on their conscience. They also undertake to inform BPOMAS of any changes to this information immediately.

Consequences of False Information

In the event that any of the above information is found to be false and misleading, the prospective customer may be held liable.

BPOMAS’s Commitment to Compliance

As a responsible financial institution, BPOMAS is committed to complying with these regulations and preventing money laundering and other financial crimes. By completing the KYC form and submitting the required documentation, individuals can play their part in assisting BPOMAS in meeting its customer due diligence obligations.

Contact Information

For more information on BPOMAS’s Know Your Customer requirements, please contact:

Gaborone Branch

AFA House • Plot 61918 • P.O. Box 1212 • Gaborone • Botswana Telephone: (+267) 365 0555 (Call center) / 365 0500 (Reception) Fax: (+267) 395 1165

Francistown Branch

Plot 32397, Office 26, Sunshine Plaza • P.O. Box 323 • Francistown • Botswana Telephone: (+267) 241 2390/241 2290 Fax: (+267) 241 2340