Compliance Requirements for Banks in Botswana Get a Boost with New Department

The Bank of Botswana has established a new department aimed at ensuring compliance requirements for banks and other financial institutions operating within its jurisdiction are met to the highest standards. This move is part of efforts to strengthen the country’s financial sector by exercising effective regulation and supervision.

Key Objectives of the Department

• Combines market/business conduct, consumer protection, Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulation, and other compliance components
• Streamlines approach to addressing public concerns about unfair treatment by banks and other service providers
• Issues related to bank charges and fees will be addressed more efficiently

Leadership Structure

The department is headed by Director Joe Selwe and supported by:

• Two Deputy Directors: Evelyn T Sennanyana and Didimalang Segaiso
• Personal Assistant: Shillah Ndebele

Contact Information

You can contact the department through:

• Telephone number: 267-3606188
• Email address: Ndebeles@bob.bw

Mission Statement

The new department is committed to promoting good conduct, efficiency, integrity, and developing a credit reporting framework in accordance with best international standards.

Expected Outcomes

The establishment of this department is expected to strengthen the country’s financial sector and enhance public confidence in the banking industry.