Financial Crime World

Botswana’s Central Bank Agency Tackles Compliance Issues in the Financial Sector

The Bank of Botswana has established a new department to ensure effective regulation and supervision of financial institutions in the country.

Department of Compliance and Risk Management

The Department of Compliance and Risk Management brings together previously separate components, including:

  • Market and business conduct
  • Consumer protection
  • Anti-money laundering and combating the financing of terrorism (AML/CFT) regulations
  • Other compliance functions

The department will be responsible for investigating complaints from the public regarding unfair treatment by banks and other financial service providers. It will also oversee the administration of bank charges and fees, as well as supervision of bureaux de change.

Key Responsibilities

  • Regulating credit reporting frameworks in accordance with international best practices
  • Overseeing the administration of bank charges and fees
  • Supervising bureaux de change
  • Investigating complaints from the public regarding unfair treatment by banks and other financial service providers

Department Leadership

The department is headed by Director Joe Selwe, supported by two Deputy Directors:

  • Evelyn T Sennanyana
  • Didimalang Segaiso

Other team members include:

  • Personal Assistant Shillah Ndebele (contact: [267] 3606188 or ndebeles@bob.bw)

Contact Information

The department’s Secretary is Tsaone Terence Motswapong, who can be contacted at:

International Standards and Commitment to Integrity

The department’s creation reflects the Bank of Botswana’s commitment to maintaining a robust financial system and ensuring that all regulatory activities are housed under one roof. The establishment is in line with international standards, as mandated by:

  • Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
  • Financial Action Task Force (FATF)

The Bank of Botswana is committed to maintaining a reputation for integrity and efficiency, making it an attractive destination for foreign investment and fostering economic growth in the region.