BOTSWANA TO ENFORCE STRICTER KNOW YOUR CUSTOMER RULES

The Financial Intelligence Act 2022 is set to take effect, compelling all businesses in Botswana to adhere to strict Know Your Customer (KYC) regulations. Hollard Insurance, a leading player in the industry, has announced that it will be enforcing these rules as part of its customer due diligence.

Compliance with New Laws

Under the new laws, companies are required to verify the identity of customers before establishing a business relationship and when concluding transactions. To comply with these regulations, Hollard has introduced KYC forms for both individuals and non-individuals (corporate entities).

• KYC Forms: Customers are expected to complete and submit these forms, along with supporting documentation, to ensure that their identities, addresses, and source of funds are properly stated and verified.
• Purpose of Verification: The purpose of this exercise is to prevent money laundering and terrorism financing.

Assistance and Support

The company has assured its clients that it will provide assistance and support throughout the process. Clients can access this support by:

• Emailing: KYC@hollard.co.bw
• Contacting the call centre: 363 3060
• Submitting forms at branches

Commitment to Integrity and Transparency

Hollard’s move is a significant step towards ensuring compliance with Anti-Money Laundering Laws/ Countering Financing of Terrorism (AML/CFT) and Regulations in Botswana. The company has emphasized its commitment to upholding the highest standards of integrity and transparency in all its dealings.