Banks slapped with fines for dirty money loopholes
Monday, October 23, 2023 | 5050 Views |
![At the helm: BoB governor, Moses Pelaelo PIC: PHATSIMO KAPENG](https://cdn4.premiumread.com/?url=https://www.mmegi.bw/mmegi/uploads/images/2023/10/23/90302.jpg&w=800&q=72&f=jpg&t=1)
At the helm: BoB governor, Moses Pelaelo PIC: PHATSIMO KAPENG
Last year’s fines are more than six times what the BoB handed out to banks for non-compliance in 2021, trend analysis by BusinessWeek indicates. According to the central bank’s Banking Supervision Report (BSR) for 2022 released on Wednesday, five of the country’s nine commercial banks were found to have contravened various sections of the Banking Act and the Financial Intelligence Act (FIA) last year.
Violations include one bank falling below the daily liquid asset ratio, another failing to provide correct information on credit facilities granted to directors and another giving unsecured loans to its staff members, which were more than their annual remuneration.
The BDP as a party known to have ample resources has always held its primaries well in time, but this time around that was not the case. The first leg of the primaries was held last weekend, with the final leg being billed for the coming weekend. This time around, the BDP failed to shine in its primary elections. The elections were chaotic; most if not all polling stations didn't open at the specified time of 6am. Loyal BDP members braved the...