Banks to keep customers' information for 20 years

Banks now have the right to hold onto customers information for two decades. PIC: MORERI SEJAKGOMO
Banks now have the right to hold onto customers information for two decades. PIC: MORERI SEJAKGOMO

FRANCISTOWN: First National Bank Botswana (FNBB) legal and risk manager Gaone Setlhare says amendments to the Financial Intelligence Act now mean banks are required to keep their customers’ information for up to 20 years.

Addressing the bank’s customers in Francistown on Tuesday, Setlhare told FNBB customers of this change during a fraud symposium.

The legal and risk manager said that in the past years, banks were obliged to keep their customers’ information for only five years through both the electronic and manual banking platforms. “We kept our customers’ information for an extra five years when they had stopped banking with us, but with the new law we will keep it for 20 years,” she said.

Editor's Comment
Khama should desist from dirty campaigns

However, as a newspaper, we want to raise few disquiets for the umpteenth time with Khama, of course, and remind him that the country that he is robustly de-campaigning is now feeling the pain of his harm. Batswana need Khama to use his conservationist credentials to good use and benefit a country that is working so hard to achieve the high-income status by diversifying its economy away from diamond reliance.Khama has played his part unobstructed...

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