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BoB fines banks for violations

Supervising: The Bank of Botswana’s oversight includes banks, bureaux de change and mobile money operators
Supervising: The Bank of Botswana’s oversight includes banks, bureaux de change and mobile money operators

The Bank of Botswana (BoB) warned and fined some banks for violation of compliance standards last year, while an assessment of money laundering protocols at two financial institutions uncovered “concerns”.

According to the Banking Supervision Annual Report 2021 the BoB released recently, penalties of nearly P86,000 were made against three banks for violations, while another bank was asked to show cause why a fine of P100,000 should not be levied against it.

The BoB did not name the banks involved.


Editor's Comment
A collective responsibility to end FMD spread

As cases continue to threaten herds and rural livelihoods, one simple but critical action can make a powerful difference: strictly adhering to FMD regulations, including refraining from slaughtering cloven-hoofed animals.Cloven-hoofed animals, such as cattle, sheep, goats, and pigs, are highly susceptible to FMD. Slaughter, especially during outbreaks or restricted periods, significantly increases the risk of spreading the virus through...

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