Banks slapped with fines for dirty money loopholes

At the helm: BoB governor, Moses Pelaelo PIC: PHATSIMO KAPENG
At the helm: BoB governor, Moses Pelaelo PIC: PHATSIMO KAPENG

Several banks were last year fined P543, 000 for various acts of non-compliance, particularly violations of the Financial Intelligence Act, as the Bank of Botswana tightened its monitoring of the sector, BusinessWeek has learnt.

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.

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