Compliance Issues in Banking Sector Come Under Scrutiny in Botswana
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The Bank of Botswana has taken a significant step to tighten its grip on the banking sector by establishing a new department dedicated to addressing compliance issues and ensuring good conduct among financial institutions under its supervision. The department, created by combining various regulatory components, will focus on promoting efficiency, integrity, and transparency in the industry.
Key Responsibilities
- Handling public complaints related to unfair treatment of customers by banks and other service providers
- Overseeing the administration of the Credit Information Act, which regulates credit bureaux
- Supervising bureaux de change to ensure adherence to anti-money laundering and combating the financing of terrorism (AML/CFT) regulations
Department Leadership
The department is headed by Director Joe Selwe, who is supported by two Deputy Directors:
- Evelyn T Sennanyana
- Didimalang Segaiso
The team will work closely with:
- Personal Assistant Shillah Ndebele
- Secretary Tsaone Terence Motswapong
- Other staff to ensure effective regulation and supervision of the financial institutions.
Addressing Compliance Issues
The establishment of this department is seen as a major step in addressing compliance issues in the banking sector, which has been plagued by allegations of mismanagement and corruption. The Bank of Botswana has committed to ensuring that its regulatory framework meets international standards, particularly those set by:
- Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
- Financial Action Task Force (FATF)