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BoB fines banks for violations

Friday, October 14, 2022 | 930 Views |

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.

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