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Agency Moves to Enhance Financial Transparency
The [Agency] has introduced new regulations aimed at promoting financial transparency and combating money laundering in Botswana.
Enhanced Reporting Requirements
Under the new regulations, specified parties and accountable institutions are required to report cash transactions exceeding P10,000 or its equivalent in foreign currency. These reports must be submitted electronically through an internet-based reporting portal provided by the Agency.
- Reports must be submitted in a prescribed format
- Reports must be made within five working days of the suspicion arising
Suspicious Transaction Reporting
In addition, suspicious transaction reports must also be made in a prescribed format and submitted to the Agency within five working days of the suspicion arising. The Agency has introduced a new form for suspicious transactions that will enable it to gather more information and facilitate investigations.
- Reports must be made in a prescribed format
- Reports must be submitted electronically
Feedback Mechanism
To ensure timely feedback to report-making entities, the Director General is required to provide feedback on reported transactions within 14 working days of receipt. The Agency will also provide feedback on suspicious transaction reports within 14 working days of receipt.
- Feedback will be provided on all reported transactions
- Feedback will be provided on suspicious transaction reports
Alternative Reporting Methods
Furthermore, if a specified party, accountable institution, or person is unable to submit reports electronically, they must complete the required forms in writing and submit them by facsimile, delivery, or other methods determined by the Agency.
- Alternative reporting methods available for those who cannot submit electronically
- Forms must be completed in writing
Key Takeaways
- Specified parties and accountable institutions must report cash transactions exceeding P10,000 or its equivalent in foreign currency.
- Suspicious transaction reports must be made in a prescribed format and submitted electronically within five working days of the suspicion arising.
- The Agency will provide feedback on reported transactions within 14 working days of receipt.
- Specified parties, accountable institutions, or persons who are unable to submit reports electronically must complete the required forms in writing and submit them by facsimile, delivery, or other methods determined by the Agency.
Contact Information
For more information on the new regulations, please contact the Agency at [insert contact details].