Bank of Botswana Establishes New Department for Enhanced Compliance and Supervision

Introduction

The Bank of Botswana has made a significant move towards strengthening regulatory technology in the country’s financial sector by launching a new department dedicated to oversight and compliance. The establishment of the Department of Regulation and Compliance is aimed at enhancing the regulator’s capacity to effectively supervise and regulate financial institutions, ensuring good conduct, efficiency, and integrity.

Key Objectives of the New Department

• Consumer Protection: Ensuring that consumers are treated fairly by banks and other service providers.
• Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT): Regulating financial institutions to prevent illicit activities.
• Compliance Matters: Overseeing adherence to regulatory requirements across the sector.

Leadership Team

The Department of Regulation and Compliance is led by Director Joe Selwe, supported by Deputy Directors Evelyn T Sennanyana and Didimalang Segaiso. The team will work closely with the public to address concerns related to unfair bank practices, charges, and administration accounts.

Key Responsibilities

• Credit Information Act Administration: Supervising credit bureaux and bureaux de change to ensure compliance with AML/CFT regulations as mandated by regional and international bodies.
• Regulatory Oversight: Ensuring that financial institutions operate within a robust and secure framework.

Conclusion

The establishment of the Department of Regulation and Compliance is a major step towards enhancing Botswana’s regulatory technology for compliance in the financial sector. With its focus on effective supervision and regulation, the country’s financial institutions can be assured of operating within a secure and efficient environment.