Financial Crime World

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Botswana Agency Introduces New Reporting Requirements for Cash Transactions

Strengthening Anti-Money Laundering and Combating Terrorism Efforts

Gaborone, Botswana - The Botswana Financial Intelligence Agency has introduced new regulations requiring specified parties and accountable institutions to report cash transactions exceeding P10,000 or an equivalent amount in foreign currency.

New Reporting Requirements

According to the new regulations, specified parties and accountable institutions must report such transactions within five working days of conclusion. Reports will be made electronically using a secure internet-based reporting portal provided by the Agency.

Enhanced Suspicious Transaction Reporting

The Agency has also introduced new forms for reporting suspicious transactions, which must be completed in writing and submitted electronically or by fax to the Director General at the number specified by the Agency.

Feedback Requirements

In addition, the regulations require specified parties and accountable institutions to provide feedback to the Agency within 14 working days of receiving a report. The Agency will use this information to facilitate the recognition and handling of suspected financial offenses.

Key Takeaways

  • Cash transactions exceeding P10,000 or an equivalent amount in foreign currency must be reported within five working days.
  • Reports will be made electronically using a secure internet-based reporting portal provided by the Agency.
  • Suspicious transaction reports must be completed in writing and submitted electronically or by fax to the Director General at the number specified by the Agency.
  • Feedback must be provided to the Agency within 14 working days of receiving a report.
  • The new regulations are aimed at strengthening Botswana’s anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Contact Us

For more information on the new reporting requirements, please contact the Botswana Financial Intelligence Agency at [insert contact details].